How to Take a Helpful Home Inventory

Would you be able to list everything that was damaged, destroyed or lost in your house or apartment if you had to file a claim with your insurance company?

Trying to remember everything as you are dealing with the mental trauma of your abode being destroyed is not an easy task. You would have a thousand things on your mind, like finding your most important personal documents and family heirlooms, in addition to trying to arrange a place to live.

But you can avoid this potential distress – and the risk of your insurer disputing or not paying the claim – by preparing a detailed home inventory.

More than 75% of U.S. homeowners don't have an inventory, according to the National Association of Insurance Commissioners. And of those who do have one, they generally don't keep their records up to date.

Having a home inventory can make filing a claim much easier, and it increases the chances the getting the claim paid, too. Also, if you prepare an inventory, it will help you assign value to your possessions, which in turn can help you and the insurer decided how much insurance you actually need.

It may sound like a daunting task to just get started, but fortunately TWS Home Inventory and Asset Management Group has created this handy list to help you take stock of your stuff.

Read your policy and discuss it with your agent: You need to understand your policy so you can know if you are covered for the replacement value of your possessions or only actual cash value, or whether you need any special riders or endorsements for specialty items, such as:

• Jewelry
• Musical instruments
• Firearms
• Expensive sporting goods like scuba gear or golf clubs

Take photos of the outside of the home: Shoot the property from all sides, including any landscaping, outdoor furniture and accoutrements.

Take photos of each room from all angles: Make sure your pictures cover every piece of furniture, art and other decorations in every room. 

Open every closet, cupboard and drawer: Go through all the places that you keep your possessions and, if you find anything of value, document it. Document when and where you got it and how much you paid for it.

If you haven't gotten in the habit of doing so, keep receipts for all of your big purchases.

Don't forget to photograph and document your clothes. If you have any expensive items, like fur coats, business suits or fancy dresses, take separate photos of them. 

Note the model and serial number of electronic items: Take pictures and list the details of computers, mobile phones, tablets, TVs, stereo systems, etc.

Pay extra attention to china, crystal and silver: If you have a fancy set of china and cutlery, place it all on a table and take a picture. Take pics of the front and back of your plates, to show the brand name and the pattern.

Cover the garage, as well: Often people have more valuables in their garage than any other place in their home. Again take pictures of everything in there – your tools, equipment, sporting goods, bikes, etc.

Photograph family heirlooms: Include rare items you have inherited when taking pictures. Even though insurance can't replace the sentimental value, it may replace the cost of those items. 

Scan all receipts: Get into the habit of scanning your receipts and taking a picture of the item to keep with your receipt. Keep things organized with one folder for each room.

Keep inventory off-premises: You should have a home inventory at home, but also keep one off your premises. These days that's quite easy, since you can store it on the cloud with a free service like dropbox.com.

The Complete Home Journal

The Complete Home Journal is about the most complete inventory product for the hardcore record keeper. The home inventory module lets you input critical details and photographs of all your belongings, including electronics, seasonal gear, jewelry and appliances. But that’s just one of several modules. Other modules include home improvement tracking and home and seasonal to-do lists. This program also stores contractor information and information on real estate agents and lenders, and can even help you calculate cost basis for income tax and real estate sales.

You’ll need Windows XP or later to run it or run Virtual PC for Mac on a Mac. The cost is $29.99, with a 30-day money back guarantee and a free trial period.

Encircle

This easy-to-use app works on iPhones, Androids and Blackberry devices, and also via a Web portal. Although it’s stripped down for ease of use on a cell phone, it does support multiple properties, and you can organize items by room.

It also supports multiple photos per item, so you can photograph the item and your receipt. According to Encircle Inc., in about an hour or less the average user can create a complete picture inventory of a property and generate detailed reports. The account can be accessed via smartphone, tablet and web interface. Encircle can be used for insurance purposes, estate planning, relocation and moving or decorating. The cost is free.

Stuffanizer

This solution supports drag and drop interface, making it the most Mac-y of all the offerings so far. It also supports unlimited hierarchical locations, so you can note an item’s location in an envelope, in a briefcase, in a sack, in the closet or in the second bedroom. The interface lets you drag and drop items from one location to another. You can also associate items with each other using tags, such as #borrowedobjects, #electronics, #cables and anything else you need to be able to get your hands on fast.

So far Stuffanizer only works on iOS devices. Cost is $2.99.

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