The Forbes Advisor editorial team is independent and objective. Without them, your home and belongings won’t be covered in these disaster situations. If you live in an area that’s prone to earthquakes or floods, you could consider earthquake insurance or flood insurance.An actual cash value payment would pay your only the depreciated value of your items, not new replacements. Make sure your policy covers the replacement value of your possessions, not the actual cash value.Does it appear to be enough to replace all of your furniture, rugs, curtains, clothes, appliances and other possessions? Check your policy’s declarations page to see what your contents limit is. A homeowners insurance policy will have specific coverage limits for “contents,” meaning your possessions.Scheduled personal property is an add-on to homeowners, condo or renters insurance to insure high-value items for their full value. If you have valuable items, you can “schedule” them. That’s because homeowners insurance might put a special sub-limit on certain types of items.įor example, a common homeowners insurance policy puts a $1,500 limit on theft coverage for jewelry and watches. While you’re documenting all of your stuff, it’s a good time to take a look at high-value items such as jewelry, musical instruments, artwork and electronics. Re-Evaluate Your Insurance on Valuable Items Please see our Privacy Policy for more information and details on how to opt out. Some apps may not be available on all operating systems and may require in-app purchases.īy providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. Review information about filing insurance claims.The National Association of Insurance Commissioners recently launched a home inventory app (available in the App Store or through Google Play) that has the ability to: You can use an app for your smartphone or tablet to list items, store photos and video. If you’re taking a video, it’s a good idea to describe the item, its estimated value and the date of purchase. If possible, get a clear shot of the serial number. Take a walk through your house and capture each item. If you have a smartphone, you have the tools you need to record your personal belongings with photos or video. Or, group together items like antiques, artwork, clothes, collections, jewelry, kitchen items, furniture, musical instruments and miscellaneous items. Organize your list by groups of items.Don’t forget the small stuff, like books, knickknacks and decorations on your shelves. For example, start in your living room and list everything, like your TV, coffee table, recliner and sofa. Pick a room and record all of the contents. Here are some organizing tips to get you started: Make a ListĪ list can be as simple as a pen and paper or a spreadsheet on your laptop. That way you can add any items you’ve acquired or delete items you’ve gotten rid of. It’s a good idea to update it every year. You’ll also want to update your home inventory on a regular basis. For example, you can store an electronic copy in a cloud service or keep a hard copy with a relative. However you decide to create a home inventory, the key is to be as detailed as possible and to store a copy of the inventory outside your home. As you inventory your personal belongings, don’t forget all of your drawers, closets, attic, basement and if you’re brave, take a look under your bed. Or use a home inventory app to help you compile your list. How Do I Make a Home Inventory?Ī home inventory can be as simple as a written list, pictures or video. Your homeowners insurance policy may cover items at off-site facilities from problems like theft and fire. For example, “Six pairs of jeans, 10 dress shirts, two pairs of sneakers.” But make sure to note any valuable items, like an expensive suit or dress.Īnd don’t forget off-site items, such as belongings you keep at a storage facility. But for general categories, like clothing, you can provide a count. You’re obviously not going to have receipts for everything you own. A description of the item, including the make and model (if applicable).What Should Be Included in a Home Inventory?Ī good home inventory should have the following information:
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