Creating a Home Inventory

If all of the contents of your home suddenly disappeared into thin air, would you be able to remember each item that you owned? Whether you are about to move, or you do not plan to move for some time, creating an accurate home inventory is a smart step for anyone, anytime. If you purchase full coverage type of moving insurance, you will be required to create a valued inventory. Although the thought of evaluating every item in your home may seem overwhelming, the peace of mind you will gain in knowing that you will be covered in the event of loss or damage is worth the time and effort. And just because you don't have gold statues at home doesn't mean your items are not of value--the cost of replacing all of your clothing and electronics will far outweigh the cost of your moving insurance.

Whether you are days away from moving or you have set aside your inventory project for a rainy day, plan on setting aside several hours. It will be helpful if your home has recently been cleaned! Too busy? If you are comfortable with hiring someone to help you go through your personal items, you may want to seek a professional organizer if you have a large amount of stuff.

Unless you are using home inventory software, get a clipboard and start making a list of your most valued possessions, describing each item, and if possible, noting where you bought it and how much you paid for it (or the estimated cost to replace it). High value items are those which cost more than $500 to replace. Clip to your list any receipts, warranties, or appraisal notes. Taking photos of each item is also recommended, or you could walk through your home with a video camera. For major appliances and electronic equipment, record the serial numbers. If you have a large collection of similar items, such as rare books, you can value the collection as a group. For valuable items such as jewelry, art work, and collectibles, consider that they may have increased in value since you received them, and you may need an appraisal. Some valuables may need to be insured separately, see your insurer's terms and conditions. Remember, in the world of insurance, sentimental value is not considered--for example, a wedding photo album is valued at its commercial value, not its sentimental value. And don't forget to include items that are in storage.

Once your inventory list is complete, be sure to store a copy in a safe place, such as a safety deposit box. When you move, keep a copy in your personal baggage so that you can go over the list when your items arrive at your new location. And now that your inventory is established, it will be that much easier to update it when you make significant new purchase.