Home Inventory for Insurance: Inventorying Your Possessions
More than half of Americans don’t have a home inventory of their possessions — according to a Triple-I/Munich Re consumer survey, only 47% of homeowners have prepared one.
It’s great to have insurance against damage and loss. But if you can’t show proof of what you own, it can lead to a longer, more difficult settlement process with your insurance company.
Why a Home Inventory Matters for Insurance Claims
Creating a home inventory for insurance claims takes some upfront effort, but it pays off by:
- Smoothing the claims settlement process with your insurer
- Increasing the potential for receiving the maximum payment you’re entitled to
How to Create a Home Inventory Checklist
Here are four practical tips for building an effective home inventory.
Tip #1: Make a Video of Your Possessions
A visual record is the best proof of ownership. When recording your home’s contents:
- Be methodical and thorough, working through every room and storage space
- Narrate as you go, describing each item and any relevant details (for example, “this is a signed first edition of Moby Dick“)
Tip #2: Document the Value of Your Items
Scan or video the receipts for items in your home. Where relevant, include the make and model of each item.
If you own artwork or antiques, consider keeping a record of any appraisals you’ve received for your collectibles.
Tip #3: Secure Your Inventory
An inventory doesn’t help much if it’s destroyed along with your home. If your inventory is digital — which is highly recommended — store the file in a cloud account rather than only on your computer, or keep a USB backup in a safety deposit box.
Tip #4: Keep Your Inventory Updated
Failing to regularly update your inventory can mean leaving out expensive new purchases, leaving you underinsured for what you actually own.
Getting Started With Your Insurance Home Inventory
Ask your insurance agent if they have an inventory checklist available. A checklist can help you remember items you might otherwise overlook.
For homeowners across Fort Myers and Southwest Florida — where hurricane season makes documentation especially important — keeping an up-to-date home inventory can make a significant difference if you ever need to file a storm-related claim.
Frequently Asked Questions
What is a home inventory for insurance?
A home inventory for insurance is a documented record — ideally with video, photos, and receipts — of your household possessions, used to prove ownership and value in the event of an insurance claim.
Why do I need a home inventory for homeowners insurance?
Without a home inventory, proving what you owned and its value after a loss can be difficult, often resulting in a longer claims process and a lower settlement than you may be entitled to.
How do I create a home inventory checklist?
Start by recording a methodical video walkthrough of your home, describing each item as you go. Then document receipts, makes, and models, and store the inventory securely — ideally in the cloud rather than only on-site.
Where should I store my home inventory?
Store your home inventory somewhere it will survive a home loss — such as a cloud storage account — rather than solely on a computer or physical copy kept inside the house.
How often should I update my home inventory?
You should update your home inventory regularly, especially after major purchases, to make sure new or valuable items are documented and properly covered.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice and may not be used for the purpose of avoiding any federal tax penalties. Please consult a legal or tax professional for specific information regarding your individual situation. The opinions expressed and material provided are for general information only and should not be considered a solicitation for the purchase or sale of any security.
