Preparing a Home Inventory
Tips for Compiling a Checklist of Household Contents
An accurate home inventory provides information about the value of belongings to aid with determining adequate insurance cover and making insurance claims.
An up-to-date home inventory is a useful reference when calculating the replacement value of possessions for contents insurance or when making an insurance claim.
Online Home Inventory Checklists
Many insurance company and financial planning websites have downloadable home inventory checklists available. These list the basic belongings common to most homes with space for additional items.
Householders should check the website of their current home contents insurance provider for a downloadable or online home inventory checklist. A list generated by a company that services a particular area or country is most likely to have a checklist that requires a minimal number of additions or changes.
Prepare a Home Inventory Spreadsheet
If online checklists are not suitable, preparing a home inventory using a spreadsheet program is the best way to create a list that can be easily edited or updated. A basic spreadsheet should include columns for:
- Item
- Brand
- Make/Model
- Location (which room of the house)
- Purchase price
- Replacement value
- Photo on file
- Notes
Once the spreadsheet is completed, it is a simple matter to insert a formula to calculate the value of the items listed. The list can easily be sorted by location or value.
Remember to include items stored in the garage/shed, outdoors or in the car. It is also important to take particular note of items that are taken from the home on a regular basis, such as watches and jewellery, photographic equipment and/or laptop computers. Many insurance companies have a limit on the amount that can be claimed for such items unless they are specifically listed in the policy.
Items such as household linen, cookware, cutlery and children’s toys do not have to be listed individually unless they are of particular value. Kitchen appliances should be listed, as should other household appliances, electronic games, artwork, handmade quilts and tapestries, musical instruments etc.
Photograph Household Items for Insurance
It is a good idea to photograph valuable household items or collections. Digital photos are the easiest way to do this, although print photos can be scanned or stored with a printed inventory checklist. If photos are taken, ensure that the filename is noted on the checklist to ensure that they are easily accessible if required.
Cataloguing Collections
Many contents insurance policies have a limit on the amount that can be claimed for a collection of items unless the collection is specifically listed in the policy. This can include book, music and movie collections as well as ornaments, stamps, model cars or any other group of items with a significant value. Remember to take a photo of the collection in general and specific items of particular value, such as rare books or signed copies of books or CDs.
Computer programs such as Collectorz.com inventory database software packages Book Collector, Music Collector, Movie Collector and Comic Collector make cataloguing large collections of these items effortless. The software allows for details and images to be recorded and has a facility for adding additional notes about individual items in the collection.
Storing Home Inventory Information
As a safety precaution, it is a good idea to keep a backup of computer records or a printout of a home inventory checklist at a separate location so that it can be accessed if the home or computer equipment are damaged or destroyed. Keep one printout or list the computer file name with insurance policy records so that it can be easily located if needed.
It is important to compile an accurate record of belongings and their value to ensure that adequate insurance cover is purchased and to simplify making insurance claims.
