Taking insurance inventory of your home

When was the last time you reviewed your homeowner's insurance policy? If you can't remember, then it's way past time to do it. If you recently bought or were gifted expensive items such as a big-screen TV, computer equipment, appliances, jewelry, or art, they need to be added to the policy.

Your homeowner's insurance policy covers your house and the things inside. Make sure you know what those things are in case you need to account for them due to a natural disaster, damage, loss, or theft. You can keep track of those items and their value by performing an inventory.

An inventory does not need to be a daunting task. This is an easy way to do it.

Make a list of the rooms in your house. Inventory one room at a time.

For each room, write categories of possessions, like "clothing," "furniture," "appliances," and "books."

Assign a dollar value to each category. If you have receipts for your items, attach them to the inventory. If you don't have the receipts, estimate how much you paid for the items in each group.

Single out expensive or collectible items like jewelry, home theater equipment, or signed paintings. Describe them in detail with the cost, the brand name, and the serial number (if there is one). Estimate the date you bought each piece.

Once you have listed all of the items in a room, take a picture of the room from several angles so your photos show everything inside. Photograph unique or expensive items separately.

Film every room by slowly walking around it. Narrate as you walk, describe the items and their cost.

After you have taken photos and videos, upload them to a flash drive. Store the flash drive in a secure place.

Step into the digital age and save your inventory on a homeowner app like HomeZada Digital Home Management. This cloud-based storage allows you to organize the information by categories and add more information over time. Plus, you can access it from anywhere, even if your computer or flash drive is not accessible.

For an extra layer of security save those photos and documents on a flash drive.

Save the receipts for items purchased after the inventory, especially for big-ticket items like electronics, appliances, and furniture. Add those items to your inventory soon after purchase and alert your insurance agent.

Home improvements are an investment in your home. High-dollar repairs and renovations, like a new roof or HVAC unit, can dramatically increase the value of your home. Hang on to those receipts!

When you pay off your mortgage, inform your agent so the lending institution can be removed from your policy.

People who work from home often designate a specific area for business purposes. This area should be covered by a business policy that is attached to your homeowner's insurance.

Renters insurance

You need a renter's insurance policy if you live in a rental property. Renter's insurance is typically not expensive and can often cover damage in the event of fire, wind, or water damage.

If you have tenants in a rental or living in a part of your home, you are responsible for the home and your possessions. You are not liable for your renter's possessions. Tell your insurance agent what part of your home is exclusive to the renter and what possessions are for your personal use.

Keep the documents and images of your inventory safely stored in case your home is damaged, robbed, or destroyed. You may want to keep them in a safety deposit box at the bank or a copy with a trusted family member or friend.

At a time of loss, which can be emotional, it will be less stressful knowing you have the information you need for your insurance claim.

A Different Kind of Inventory

Insurance inventory aside, take a general inventory of the odds and ends in your home.

Do you have multiple sets of dishes and glasses you don't use? How about an abundance of coats that came along when you moved from a cold state? Go through those items and donate them to charities that will get them into the hands of those who need them. If those items are on your policy, remove them. A home organization company, like Get Organized With Bridges & Co., can help you do that.

A home inventory provides peace of mind and gives you control of your items.

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