It’s Home Inventory Time!

Click to download my simple Home Inventory Workbook!

Protect your assets now and avoid headaches later

Finding your keys…. Turning off the coffee pot…. Shutting the garage door… You have enough to remember – and you know how easy it is to forget. Don’t let your home inventory be one of those things that gets pushed to the backburner!

Take a few minutes now to document special items in your home before you forget about them. Consider each item of personal property and note what is insured or needs to be insured – you probably have more items to cover than you think.

What to Cover

There are typically two types of personal property coverage: Actual Cash Value and Replacement Cost.

Actual Cash Value takes into consideration depreciation, age, deterioration, etc.
Replacement Cost is just that, it covers the amount it would take to replace the item at today’s value.

Many homeowner’s insurance policies cover items of value, with limitations. It’s important for you to check your insurance policy so you know what the limits are for each item and what to expect if losses occur.

A few ideas to include in your home inventory sheet are:

  • Electronics/Tech
  • Jewelry
  • Furniture
  • High-End Clothing & Accessories
  • Special Dishware, Heirlooms, etc.

Your current policy may cover these items, but check the amounts because it may not be enough to cover that 2- or 3-carat diamond ring. In your home inventory sheets, describe what makes each item worth the amount you give it. Insurance agents often analyze why you think something is valued so highly.

Still wondering what to include? Read Bank Rate’s article on Home Inventory & Insurance that covers the best ways to organize your inventory process and examples.

Tools to Use

There are many tools, spreadsheets, software programs, etc. you can use for the home inventory process. The trick is to keeping it going. Maintaining the inventory sheets over the years is a tedious, but necessary process.

Using my home inventory workbook, you can easily keep track of everything and it’s simple enough to maintain. The printable workbook also includes a checklist and a few tips on how to complete the form and what to include.

If you’re a paper person, print out the workbook and write away! If you prefer to complete the book online, download it, fill it out, and then print and/or save to your computer.

Organizing Digital Folders

Whether you chose to fill everything in digitally or by hand, I encourage you to set up digital files correctly. You can take a photo of the documents and e-mail them to yourself, or scan the hand-written copy into your computer.

Set up your computer files on your Google Drive, OneDrive, DropBox, or whatever cloud-based app called “Home Inventory” to ensure their safety. Then create subfolders for the rooms in your home labeled what the room is – Living Room, Master Bedroom, Master Closet, etc.

In the subfolders, add items like:

  • Inventory Sheet(s)
  • Receipts
  • Photos
  • Warranties
  • Downloaded Owner’s Manuals

Another item to add to your folders could be a story or history of the item. Especially items that are passed down to your children and grandchildren. For example, the old armoire from great-grandad came from your Scottish ancestors.

After saving the sheets and information to your computer, BACK UP EVERYTHING on the cloud. Storing information on your hard drive is a huge risk. Also keep your hard copies in a safe place such as a home safe or safety deposit box.

Was this helpful? Check out my blog for more information on How to Home!

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