Doing Inventory Is Not Just for Businesses

June 23rd, 2008 • Related • Filed Under • by tisha

Have you ever thought about what would happen in the event of a fire at house fire your home? What item would you take if you could only take one item with you? It is a question posed often in conversations and people are generally torn in answering such a question. But the truth is if there is ever an emergency or a natural disaster, would you be able to provide your insurance company with your missing or destroyed possessions?

Homeowners and renters alike need to take time out and catalog a list of their possessions in the event of an emergency. A Home Inventory Report should be kept off-site, such as in a safe deposit box, to help you get an accurate settlement from the insurance company when filing a claim or reporting a break in since the burden of proof is your responsibility.

To prepare a Home Inventory Report, start with a pad and a pen. Make a list of all the possessions and valuables for each room. Don’t rush through the list to make sure you cover all important items. If you have receipts for any of the merchandise, keep them with your inventory list. If you do not have a receipt, but can remember the approximate cost of your items, list it on the inventory sheet.

Next, take pictures of your inventory items. Using a digital camera would allow you to create a photographic list on your computer for free. A standard film camera will also work well but the cost of film developing can become expensive. If you have developed film, keep your inventoried list in a sturdy photo album to keep the pictures in good order.

It is really important to remember that as you add new belongings to your home, you must take pictures and catalog the amount. Save all of your receipts and make sure your know what items were purchased on each individual receipts. Statistics have shown that less than 20% of homeowners actually have an up to date lists of their home inventories when tragedy strikes and they need to file a claim or make a police report.

One more reason a complete home inventory is important – by having an orderly list of your possessions, you will also be giving yourself a more accurate perspective on whether or not you have enough or too much insurance on your personal belongings.