Home Inventory: The Simple System That Speeds Up Claims

Why Home Inventory Matters

A home inventory is a detailed list of your belongings with photos, receipts, and values. It's one of the most valuable tools for speeding up insurance claims and ensuring you receive proper compensation.

Benefits of a Home Inventory

Faster Claims Processing

• Less back-and-forth: Insurer has documentation upfront
• Quicker settlements: Less time spent verifying items
• Reduced stress: You have proof of what you owned

Better Compensation

• Nothing forgotten: Complete list ensures all items claimed
• Accurate values: Documentation supports your valuation
• Proves ownership: Photos and receipts prove items existed

Peace of Mind

• Organized records: Know what you have and its value
• Easier updates: Simple to maintain and update
• Multiple uses: Helpful for estate planning, moving, etc.

What to Include

Basic Information

For each item, document:

• Description: What it is, brand, model
• Purchase date: When you bought it
• Purchase price: What you paid
• Current value: Estimated replacement cost
• Location: Where in your home it's located
• Receipts: Keep receipts when possible
• Photos: Multiple angles, serial numbers visible

Categories to Document

• Electronics: TVs, computers, phones, tablets, gaming systems
• Furniture: Sofas, tables, beds, dressers, chairs
• Appliances: Refrigerator, washer, dryer, microwave, etc.
• Clothing: Especially valuable items (designer, jewelry, etc.)
• Jewelry: Detailed descriptions, appraisals if available
• Art and collectibles: Paintings, antiques, collectibles
• Tools and equipment: Power tools, lawn equipment, etc.
• Sports equipment: Bikes, skis, golf clubs, etc.
• Kitchen items: Dishes, cookware, small appliances
• Linens and bedding: Especially high-value items

Simple Methods to Create Inventory

1. Video Walkthrough

• Walk through each room: Narrate as you go
• Open drawers and cabinets: Show contents
• Zoom in on valuable items: Show details, serial numbers
• Date the video: Include date in video or filename
• Store securely: Cloud storage or safe deposit box

2. Photo Documentation

• Room by room: Take photos of each room
• Close-ups: Detailed photos of valuable items
• Serial numbers: Photograph serial numbers and model numbers
• Organize by room: Create folders for each room
• Date photos: Ensure photos are dated

3. Spreadsheet or App

• Digital spreadsheet: Excel, Google Sheets, etc.
• Inventory apps: Many free apps available
• Cloud-based: Accessible from anywhere
• Easy to update: Simple to add new items
• Searchable: Easy to find specific items

4. Combination Approach

Best practice: Use multiple methods:

• Video walkthrough: Overall documentation
• Photos: Detailed item documentation
• Spreadsheet: Organized list with values
• Receipts: Scanned and organized

Tips for Effective Inventory

Be Thorough

• Don't skip small items: They add up
• Include everything: Even items you think aren't valuable
• Check all rooms: Don't forget basements, attics, garages
• Update regularly: Add new purchases promptly

Keep It Updated

• Add new purchases: Update when you buy something significant
• Remove sold items: Keep list current
• Update values: Adjust for depreciation or appreciation
• Review annually: Annual review ensures completeness

Store Securely

• Multiple locations: Cloud, external drive, safe deposit box
• Off-site backup: Don't keep only at home
• Accessible: Ensure you can access it if home is damaged
• Secure: Protect sensitive information

Special Considerations

High-Value Items

For expensive items:

• Appraisals: Get professional appraisals
• Scheduled coverage: May need separate coverage
• Detailed documentation: Extra photos and descriptions
• Receipts: Keep original receipts

Electronics

• Serial numbers: Critical for electronics
• Model numbers: Include full model information
• Purchase receipts: Especially important for electronics
• Warranty information: Keep warranty docs

Jewelry and Collectibles

• Professional appraisals: Get updated appraisals
• Photos: High-quality photos from multiple angles
• Certificates: Keep certificates of authenticity
• Scheduled coverage: May need separate coverage

Using Your Inventory in a Claim

When to Use It

• Theft claims: Prove what was stolen
• Fire damage: Document what was lost
• Water damage: Show what was damaged
• Natural disasters: Comprehensive loss documentation

How It Helps

1. Faster processing: Insurer has documentation
2. Better settlements: Supports your claim values
3. Less stress: You have proof, less arguing
4. Complete claims: Nothing forgotten

Questions to Ask Your Agent

• What documentation do you recommend for a home inventory?
• Are there apps or tools you recommend?
• How often should I update my inventory?
• Do I need appraisals for high-value items?
• What's the best way to store my inventory?
• Will my insurer help me create an inventory?

The Bottom Line

A home inventory is one of the most valuable tools for protecting yourself in an insurance claim. It doesn't have to be complicated—even a simple video walkthrough or photo documentation can make a huge difference. The key is to start, be thorough, and keep it updated.

If you're in Minnesota and want help understanding what to include in your home inventory or how to organize it, consider speaking with a licensed insurance professional who can provide guidance tailored to your situation.