A home inventory is a complete breakdown of the contents within your home. A home inventory will help you provide a detailed list to your insurance agent of anything you may have lost if your home is damaged or destroyed in a covered claim. Under a standard homeowners insurance policy, contents coverage provides reimbursement for your personal belongings in your home.
Your home inventory should list all of the contents of your home. Remember though that just because something is listed in your home inventory, doesn't mean it is guaranteed to be covered by your homeowners insurance policy. You will want to list any high-value items in your home inventory including electronics, furniture, jewelry, etc. If you have any items of particularly high value (for example a diamond bracelet) you should check with your agent to see what type of limits your policy has on that item. You may need to take out a rider, or schedule an endorsement, for that item.
A home inventory is an important asset for any homeowners insurance policy holder as oftentimes when disaster strikes it can be difficult to remember everything in your home that you may have lost. It is a good idea to keep a few copies of your home inventory- for example, keep a copy in a fire-proof safe as well as a backup copy somewhere other than your home. Also, saving a digital copy somewhere outside of your home is also a good idea.
A few additional tips for creating a home inventory:
- List serial numbers for any items that have them
- Take photos and keep receipts of high value items and include copies of them with your home inventory
- Remember to update your home inventory regularly