Why you need a home inventory list

In the event you experience a loss to your home, whether it be by fire, tornado, flood, burglary or another event, having a home inventory list can help ease your situation. Having that peace of mind is invaluable, yet, according to a 2023 survey by the Insurance Information Institute (III) and Munich Re, more than half of participants did not have a home inventory.

An inventory list will help when filing a claim and provide proof of what you had before the loss. It can also help you ensure you have the right coverage for your home.

“A home inventory doesn’t just help during the claims process—it’s also beneficial when selecting your insurance coverage in the first place. By knowing exactly what you own and its value, you can avoid being underinsured,” says Christopher Karacalidis, VP of Property Claims and SIU for Grange Insurance, an affiliate of Integrity Insurance.

“Many people underestimate the worth of their possessions, especially when it comes to items like electronics, jewelry, art or collectibles. A detailed inventory allows you to discuss the appropriate policy limits and identify whether you need additional coverage for high-value or specialty items with your agent.”

When building your inventory list, you’ll want to prepare it correctly, filling in all necessary details, taking photos or videos of items and updating the list annually.

Creating a list may seem like a daunting task, but we’ve got you covered with these easy-to-follow tips.

Create a checklist

• Inventory each room in your house (including your garage) and write down all your items.
• Include all items such as: electronics, furniture, kitchen items, lamps, clothes, pictures, golf clubs, workout equipment, shoes, bikes, lawnmower, snow blower, etc.
• For each item, include:
• Item description, price, date, brand name
• For electronics, include the model (e.g., iPhone 16) and serial number
• Click here for an example checklist to get you started (you’ll need Microsoft Excel to see this file)
• Save your checklist on a flash drive (or on a cloud system) and store that drive outside your home at work or a friend’s house; provide a copy of the list to your independent insurance agent.

 

Learn about our
Home Insurance

Learn More

Keep receipts

• Or copies of your receipts to show when you purchased your items and the cost.
• If you have a scanner, you can scan the receipts and store them on your flash drive or cloud system.

If you don’t have the receipt for one of your valuables, don’t panic. Karacalidis says there are other ways to establish value.

"While receipts are helpful, they’re not essential. Photos, serial numbers, appraisals, and credit card statements can all help establish value. In the absence of documentation, detailed descriptions—such as make, model and condition—can go a long way in supporting a claim. “

Take pictures or videos

• Of each room in your home at different angles
• Of the outside of your home at different angles
• Take individual pictures or videos of electronics and items that may be associated with a higher value such as furniture, golf clubs, lawnmower, washer, stove, etc.
• Save these pictures and videos on the flash drive or the cloud system, along with your checklist

Update your list annually

• Keep your receipts or make copies of your receipts; each January go through your receipts and update your list
• Add or remove items on your inventory list as necessary
• Don’t forget to add home improvement purchases such as new windows or flooring

Once your list is created, you’ll want to review it with your independent insurance agent to understand what’s currently covered under your homeowner’s insurance and what you may need additional coverage for.

References
- Insurance Information Institute (III) 2020 Consumer Poll