Why you should create a home inventory
If you’ve ever had to fill out an insurance claim form for items that have been damaged or stolen, you’ll know exactly why you should create a home inventory. It’s hard to come up with a list of the things you owned when you no longer have the items themselves, but it’s necessary to make your claim.
It’s like playing a game of memory — and most people’s memories just aren’t that good. You forget the little things (and sometimes the big and costly things too.)
Don’t believe me? Quick, make a detailed list of everything in your desk drawer right now without opening it. How many of each item are there? What color are they? What condition are they in? How much are they worth? Now open the drawer and see how many things you forgot. Imagine doing that for your entire house. Not fun.
But if you suffer a loss, insurance companies want details. Here’s an example of what they could request, among other things:
…prepare an inventory of claimed personal property showing the quantity, description, age, replacement cost, and amount of loss. Include with the inventory all bills, receipts and related documents that support the items listed and substantiate the figures shown in the inventory…
I bet pretty much none of us want to sit and make a list of everything we own if we don’t have to. Realistically, the likelihood of doing that isn’t very high. (Although that might be a good way to pare down our belongings if we were forced to do it regularly.)
Now that I’ve covered why creating a home inventory is a good idea, check tomorrow’s post for a suggestion on how to do so pretty painlessly.
