Is a Home Inventory Necessary?

Every day in every city across America, families lose everything they have to fire, flood or other disaster. Of course, that’s why we have insurance, but without a home inventory, your insurance company might not pay for everything.

“I’m a fire restoration contractor and I go to on average 5 to 7 losses every day. And every single time I go to them… every single time… they say to me, ‘Man, I didn’t ever think this could happen to me. I just cannot believe this happened.'”
-Rich Connette, Property Loss Consultant

Of course, that’s why we have insurance. But according to Rich, virtually zero homeowners are prepared to make their insurance company pay.

“I’ve yet to meet one in 17 years that knew exactly everything that they owned. The insurance company wants you to write down everything… down to the sock. If you don’t remember it, the insurance companies, they like that because that’s just less money that they have to pay out.”
-Rich Connette, Property Loss Consultant

Imagine if tomorrow morning you woke up to this. Could you remember every thing you had down to the last sock? Everything you forget is money you lose and your insurance company makes.

So here’s the most important thing you can do today: create a home inventory. One way is to download free software specifically designed for the purpose. Another is to videotape your possessions while dictating price you paid and date you bought them. If nothing else, at least take pictures of your stuff… all of it. Then store it on the web… in a safe deposit box… or at a friend’s house.

Bottom line? You can do something really simple today that could keep you from having a whole bunch of stress sometime down the road. So take a few minutes and do it.

To start your home inventory today, the Insurance Information Institute’s KnowYourStuff.org can help you create a home inventory for free.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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