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The Importance of Creating and Updating Your Home Inventory

couple working on home inventory, why home inventories are important

What you need to know about home inventories.

When you secure homeowners insurance in Carrollton, Texas, your agent will advise you to keep a home inventory.  However, this task is time-consuming and tedious, leaving many homeowners to wonder how important it is in reality?  Here’s why homeowners are encouraged to create and update their home inventory.

What Home Inventories are Used For

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 to Create a Home Inventory

  • 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.
  • 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.
  • Your inventory should include as much information on each item as possible. For instance, you should include photos, receipts, and a written description of each possession whenever possible.
  • 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.
  • 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.

What to Do After Creating a Home Inventory

After creating your inventory, you need to make several copies and keep them in secure locations.  For instance, you should keep a physical copy in your home and a digital copy on your devices.  This way, you can access it immediately following a claim event.  You should also ask a trusted family member or friend to keep a copy of your inventory so you can access it if your home is completely destroyed, and you cannot reach any of the copies you have stored in it.

This is why homeowners need to create and update their home inventory.  Do you have further questions about your homeowners insurance in Carrollton, Texas?  If so, then contact the experts at Mike Leonard Insurance Agency.   Our dedicated team is eager to find you the right coverage from one of our many carriers including: Kemper, MetLife, Nationwide, Travelers, The Hartford, Safeco Insurance, Progressive, and American Strategic Insurance.