Whether you’re a first-time homebuyer or have been in your current house for years, you know you should have a home inventory. We build up a lot of possessions over years of hobbies, families, and needs. But right now is the best time to get started on taking a home inventory: not just for the peace of mind that comes with knowing you’ve got everything covered, but also making sure you’ve got the right homeowners insurance coverage.

Why You Should Start a Home Inventory Now

Not only is having a list with all your items’ value, receipts, and important information useful in general, but it’s an invaluable tool in figuring out if your homeowners insurance has the right coverage. When it comes to insurance, a home inventory will:

Make It Easier to File an Insurance Claim

If some of your possessions are damaged, destroyed, stolen, or in other circumstances where your coverage applies, having all the information about them, including vital info like receipts and serial numbers, makes it easy to file, even if you don’t still have the item.

Find If Special Items are Over Payout Limits

Many homeowners insurance policies have payout limits for special categories of items (such as jewelry or electronics). When taking an inventory, you can earmark items that may need to be scheduled personal property: special riders that provide additional coverage to named possessions.

Estimate If You’ve Got Enough Insurance Coverage

Lastly, assuming your inventory is mostly exhaustive, you can find out if your current policy has enough coverage for all your possessions. If not, it’s time to review coverage and increase it to cover everything in the event of a disaster like a fire or flood.

How to Get Started with a Home Inventory List

Okay, with all those great reasons to start on a home inventory, here’s what you’ll need to get started:

• How to Record: You can start with paper and pencil, but having a backup, especially using spreadsheets or apps on the cloud, is needed.
• Include Basic Info: Describe the item, make and model, where/when it was bought, and how much you paid.
• Find Vital Details: Where possible, get “proof of value” such as receipts and appraisals, and take photos. Also, record serial numbers on big-ticket items like appliances.
• Don’t Get Overwhelmed: We all have a lot of stuff. Start with a single room. For large amounts of items like clothing or books, take a general inventory and guess of value.

Here at the Safeside Insurance Agency, we work with local Worcester County residents to make sure they’ve got the right coverage at the right price. Whether they are homeowners or renters, we make sure everyone who enters our office or gets a quote online has everything they need, from extra liability insurance to help filing a theft claim. Contact us today and get started.