A home inventory can ensure that you have enough personal property coverage, which is included on any home, renters, or condo policy. For example, if the items on your home inventory list total $150,000, then you know the personal property coverage limit on your insurance policy needs to be at least that much.
A home inventory may also save time and stress when filing a claim. If your personal property is damaged or destroyed in a fire, robbery, or any other covered claim, a detailed list of what you lost will be an integral resource for you and your insurance adjuster.
If you're eligible for a tax break following a catastrophe, a home inventory list also makes it easier to itemize your losses for income tax purposes.