These tips and tools can help you recoup thousands of dollars if the unthinkable happens.
Hurricanes, earthquakes, tornadoes, floods and fires: Disaster strikes all the time. But until one hits close to home — literally — most people assume it could never happen to them.
Sure, most of us have insurance to make us whole if the worst does occur. But do you have a full home inventory?
If disaster strikes, it’s highly unlikely you’ll be able to remember everything you own. Not having a full inventory to jog your memory might mean you won’t get what you could from the insurance company.
Here’s how to create an inventory of your home:
1. Pick your software and storage methods
Scribbling on a napkin or taking a few snapshots is OK, but many better free options exist:
- Customizable spreadsheet: CreatorVertex42.com offers a home inventory spreadsheet that you can use with Microsoft Excel, OpenOffice or Google Docs. Store photos and receipts separately, online or in a paper folder. CreatorVertex42.com suggests recording quick video clips of each room and storing them — along with your inventory and digital photos — on a flash drive.
- Know Your Stuff: The Insurance Information Institute, an insurance industry trade group, offers this guided online home inventory. Users can store information and up to 1GB in photos in it.
- What You Own: This standalone program has a clean interface and is easy to use. As with Know Your Stuff, you can link photos and receipts to your record of items.
- The Liberty Mutual Home Gallery app: The home insurance company offers this app for Android and iOS devices (a separate app is offered for iPad) at iTunes and Google Play.
2. List your possessions
Tackle this project by concentrating on one room at a time. Write down the name of every object you own in the room, although you can group items of the same kind — such as kitchen utensils or books. Make notes on condition, model and estimated value. Keep receipts if you have them.
3. Take photos and video
Use a digital camera or mobile phone camera to photograph your property. Make a brief video of each room while narrating what is in it and what it’s worth. Remember to open closets and drawers to show everything, and don’t forget to record storage and utility areas like the basement, laundry room and tool shed.
4. Don’t forget important paperwork
Replacing records, financial and legal documents, and identification can be a major hassle. Read our story “How to Replace Lost, Stolen or Destroyed Personal Paperwork” for advice on preserving or recovering these documents.
5. List valuables separately
Big-ticket items like jewelry, collectibles and high-end electronics may require separate insurance, and you might want a separate section on the list for them. If you’re especially thorough anywhere, it should be here. Try to include:
- Serial number
- Purchase date and location
- Multiple photographs
A great rule of thumb is that the more you paid, the more you document.
6. Keep copies away from home
Whatever your solution, remember you can’t store your inventory only on your computer’s hard drive. After all, your computer could be destroyed in a disaster. Print copies or copy your inventory to a digital storage device and stow it in a fireproof safe or in a safe-deposit box. Or swap lists with family and friends.
Another option is to save your inventory to the cloud so you can access it anywhere. Do this by emailing it to yourself as an attachment or storing it at Google Docs. You can also use free cloud storage services.
Once your inventory is squared away, check out “The 5 Golden Rules of Saving on Insurance” and “Should You Have Umbrella Insurance?” to make sure you have the coverage you need at the right price. And don’t forget our handy insurance search.
What would you add to this to-do list? Share in comments below or on our Facebook page.
Marilyn Lewis contributed to this post.