Conducting a Personal Property Inventory

Take the time to compile an inventory of your home now, and it will save you precious time and frustration in the event of a homeowner's claim. While your homeowner's insurance may provide more than enough coverage for contents and personal property, it m

April 1, 2010

A personal property inventory helps to ensure you have the personal contents coverage you need. What's more, in the event of a loss, it makes it easier for you to file a complete and prompt claim, supported by accurate documentation. A personal property inventory will also help determine the replacement cost of your lost or damaged possessions to help settle your claim quickly (subject to the provisions of your homeowners or renters policy).

There are a number of ways to create a personal property inventory, you can always simply make a list in a notebook and save receipts and photos in a file; or, you can create an electronic record of your possessions in a computer file. However, the best way to create your personal property inventory is with photographs and videos.

Take some time to walk around your home with a digital camera or video camera. Open closets, peek in drawers and zoom in on name brands. Once you've completed a walkthrough of your home, save your personal property inventory someplace save, like a fireproof safe or safe deposit box. This way, if your home is destroyed, you can still access this important information.

While your homeowner's insurance may provide more than enough coverage for contents and personal property, it may not do you any good if you can't document the items you're replacing. Remember, taking the time to compile an inventory of your home now, can save you precious time and frustration in the event of a homeowner's claim.