A home inventory list is a written or photo record of all of the items you own—especially those with a high dollar value—that you can use for insurance purposes in case of a fire, theft, or flood. When you file an insurance claim, you need to know which of your possessions are missing or damaged, as well as the value of those items. If you have the list, then it will alleviate some stress during a challenging time.
The inventory should include a description of each item (including make, model and serial number), the value of the item, and its approximate purchase date. If you have receipts, credit card statements relating to the purchase, or appraisal documents, you should attach them to the list as well.
Photos are important, but you don’t necessarily need to photograph every individual item. Perhaps you’ll want photos of high-value stuff like laptops or jewellery, but in most cases, snapping a few shots of each room will suffice.
The list will help you determine whether you have adequate insurance coverage and whether your policy covers all of your possessions. If you have particularly valuable items, then you may need to add a rider to your policy to ensure they are covered. A conversation with your insurance agent will answer those questions.