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Making a Home Inventory

Can you name each and every item you own? Do you know their values? How about their serial numbers? Setting up a home inventory file is essential in case your memory fails you during a stressful time. An inventory of all your important possessions and collections will be indispensable in deciding how much insurance to purchase, as well as in the event you need to file a claim.

Why Do You Need a Home Inventory?

you ever need to file a claim because some of your property has been stolen, damaged, or destroyed in a fire or flood, you’ll need proof you had it in the first place. Ideal documentation for every item includes: a description, some photos to show the condition (and authenticity if necessary), serial number (if applicable), purchase date, estimated value, and receipt. If you’re missing some of the information, like the receipt or purchase date, that’s probably okay as long as you have good photographs. The inventory should include anything and everything of even moderate value to you. Instruments, computers, recreation and sport equipment, antique furniture, artwork, china, collectables, jewelry, and expensive wardrobe items are all good examples.

Building the Inventory

The idea of cataloging everything you own probably seems daunting, especially if this is the first you’ve ever thought about it. The good news is it’s not difficult, just a little time consuming. You don’t have to get it all done in one day; make a habit of spending a couple hours a week on it until everything important is covered. Here’s some advice on how to get started:

Hopefully, you’ll only ever use your inventory to determine how much insurance to buy. If something does happen, you’ll be extremely relieved you went through the effort. It’s the old umbrella analogy: if you’re taking a walk, better to be carrying one while it’s sunny out than be stuck in the pouring rain without!

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