Conducting a home inventory is a great way to get a sense of the overall value of your belongings and to determine which level of renters insurance you need. This short guide will cover how to conduct a home inventory and how to then decide how much coverage you will require.
The purpose of renters insurance is to ensure that you are able to recover financially in the event that damage occurs to the home or apartment you are renting, or to your belongings. A renters insurance policy typically covers incidents like fire, theft, and natural disasters. Creating a home inventory ensures that you know the value of your belongings ahead of time, and that your most valuable possessions are covered. This will save you time when filing a claim.
- To start, make a home inventory checklist of your valuables by taking note of the valuables in each room of your home.
- Take pictures or a video of each item, and if an item has a serial number note that down or snap a photo of it.
- Take stock of things like electronics, such as your home computer and television, expensive furniture, antiques and heirlooms, art pieces, jewelry, and fragile objects that could easily be damaged in a fire or earthquake.
- Alternatively, there are some excellent free online services for making home inventories, such as Know Your Stuff. Using an online program ensures that your records can be accessed anywhere, cannot be stolen or destroyed in a disaster.