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Your Home and Everything in It

Creating an inventory of your possessions, and what they're worth, can be helpful when filing insurance claims.

(Photo: Milkos / iStock / Getty Images Plus)

Do you know how much it would cost to replace your home and everything in it?

You should.

Homeowners insurance can help restore your home following a tragedy, like a fire. Good insurance agents can help determine how much coverage homeowners should have, but it’s hard to craft comprehensive policies if homeowners don’t know what they own and what it’s worth.

That’s where a home inventory comes in. If organized and up-to-date, this list of personal possessions can help you make the most of conversations with your insurance agent and can be helpful when filing claims.

Here a few things to know about creating your home inventory.

High-Tech or Old-School

You can do most anything with your smartphone these days, and creating a home inventory is no exception. Simply use it to snap pictures or record videos of your stuff. You could also use a specific home inventory app. If electronic devices aren’t your thing, you can jot down your possessions in a notebook. No matter your preference, you’ll want to have receipts to back up your inventory.

Start Small

The Insurance Information Institute has many tips on creating a home inventory. Begin in a small, contained area, like a closet, before moving to larger areas. The institute also recommends logging items kept in a storage facility (which are sometimes covered by homeowners insurance) and starting your inventory even if you can’t complete it in one fell swoop. Having a partial inventory is better than having nothing.

Think Big

Some items in your home are worth more than others. Art and jewelry, for example, may require more coverage than what’s provided by a spot on your home inventory. Ask your insurance agent if you’re unsure.

Keep It Safe

Your home inventory can’t help you recover possessions if it, too, is lost in a disaster. Follow the institute’s recommendation and keep a copy of your home inventory somewhere outside your home, like at a relative’s house or in a safe deposit box. Easy access is one advantage of online or app-based inventories.

Have you ever created a home inventory? Help your fellow homeowner by leaving us a comment about your process!

Chatting with an insurance agent is one of the best ways of making sure you have the right coverage at a good price. See how AAA can help by visiting AAA.com/QuoteNow.

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