How I Create a Home Inventory for Insurance Purposes

Nickel asked his readers if they have a home inventory -- a listing of what's in their home. Such a list would be used to get reimbursed by your insurance company in case fire, flood, etc. damaged all or most of what's in your home.

We don't have a listing of what's contained in our home (that would take quite some time to complete!), but we do have a home inventory. The summer before last, I videotaped our home room by room, detailing what we owned, where any especially valuable items were kept, and so on. I then took the take to work and keep it in my desk. If anything ever happens to our home, I can review the tape with the insurance company and decide upon replacement costs.

The video was much easier to make than a list of everything in the home -- it took me less than an hour (imagine showing someone your home, though in a bit more detail, and you'll know what I have on tape.) Though this reminds me that I probably need to update the video this year. After all, things change a bit in that amount of time.

How about you? Do you have a home inventory for insurance purposes?

Comments

[dogatemyfinances]

I need to do this. I have electronic receipts for my big items (TVs, electronics) because they are all from Amazon, but I need to scan the smaller electronic receipts and the engagement ring receipt. I think those might be useful in such a disaster as well.

[Pete]

This is one of those things I keep meaning to do, I know I should do it, but just never get around to. The idea about going around with a camcorder is a good one, maybe i'll do thta this week.

[cybergal]

I took pictures with a digital camera of every room in my house being sure to get all of the electronics, furniture, etc. Then, I uploaded them to an online service so they are safe in case something happens. You dont want to keep it in your house with everything else because then what happens if the house is destroyed in fire -- the list is gone with it.

[Gatorzone]

I had been meaning to do this for a long time and finally made the plunge and bought Quicken Home Inventory Manager. I have really enjoyed the program and think it does a great job working you through your house and has a very easy to use interface. I really like the ability to easily save photos that you take of your stuff. I would definitely reccomend the program.

[Pete]

thanks for the timely article - we just bought a home a year or so ago and keep putting off doing a home inventory. I'm gonna do one now after being prompted by this and five cent nickel post. thanks!

[Kevin]

Good idea, FMF. Need to add this to the to-do list along with finalizing our wills.

[beastlike]

Good idea... just don't let anyone at work get a hold of that tape! They will know exactly where all your valuables are!

[F2O]

I did the same thing when I renovated my house. After all the walls where down, I ran around the house with my camcorder and made a tape of where all the wires, plumbing, and assorted other things are. Now that the drywall is up I have a record of where everything is.

[guinness416]

Doing this when you move is a breeze, although we have the videos and photos too.

[Girls Just Wanna HAve Funds]

This would be a fantastic idea! Do you know if the insurance companies accept video tapes? I too thought about making a list of what we own but daunted by the idea of having to go through everything and write it down. A video would save so much time!

[Chief Family Officer]

Thanks for reminding me that we need to do another video. The one that's in our safety deposit box is at least two, probably three, years old, and was done before we moved all the furniture around before son #2 was born!