Why It’s Important to Create a Home Inventory

Why having an updated home inventory is so important.toy home resting on laptop

While your insurance agent has probably advised you to create a home inventory, you may be reluctant to undertake this tedious task.  However, having an updated home inventory is actually incredibly important from an insurance perspective.  Here’s why.

Why do you need a home inventory?

Having an updated home inventory is essential to managing your homeowners insurance.  This is because your inventory is a comprehensive list of all the items you own.  In the event of an emergency, you can reference your inventory to see which possessions you need to file a claim for.  Your inventory also documents the value of each item, which helps you secure an adequate amount of personal property insurance.

How do you create a home inventory?

The idea of documenting every item you own is daunting.  However, there are some steps that you can take to make this process as painless as possible.

  1. Go room to room when creating your inventory. Do not forget to include the items in your basement, attic, and other often-forgotten storage areas.
  2. While your inventory should include every item in your possession, be particularly meticulous when documenting valuable items such as jewelry, artwork, collectibles, electronics, furniture, and so on.
  3. Your inventory should include as much information on each item as possible. For instance, you should include photos, receipts, and written descriptions of each possession whenever possible.
  4. For your high-value items, you should also include an appraisal report, so you can show that an expert verified the item’s listed value.
  5. Every year, you should update your inventory, making sure to add any new items that you have acquired and removing any old items no longer in your possession.

This is why you need a home inventory and how you can go about creating one.  Do you have further questions about your home insurance?  If so, then contact the experts at VGW Walker Insurance in Texas.  Our dedicated team is eager to assist you with all your home coverage needs today.