If your home and possessions were destroyed in a tornado, fire or other disaster, would you be able to remember everything you owned to file an insurance claim? For most of us, the answer is no. Spring is around the corner in Ohio, and unfortunately this brings tornado season and other severe weather that could be devastating in the worst-case scenario. It’s also the time of year for spring cleaning which means getting organized and ideally, creating a home inventory for insurance purposes.

A home inventory can be your best friend when you need to file a home insurance claim. Having an up-to-date list of your possessions with details such as the age and estimated value of each item will help settle your insurance claim faster, verify losses for your tax return and ensure you purchase the correct amount of homeowner’s insurance from the outset. The task of itemizing your personal property may seem daunting, but it doesn’t have to be.

What Your Home Inventory Should Include

Start with big and valuable: Jewelry, major appliances, electronics, rugs and collectibles. If you have any items that are particularly valuable such as artwork or a fur coat, itemize those separately and check with your insurance agent to see if you need separate insurance coverage. Then you can move on to smaller items like clothing and books – no need to identify items individually, just the total number in each category, for example: 25 pairs of shoes and 10 pairs of pants. Tip: Start in a small room and work your way around the house so you won’t feel overwhelmed.
Detailed descriptions: Describe each of the major items you’re recording with details such as where and when you bought it, what you paid, what condition it’s in, make and model, and any other details that would be important for a claim.
Proof of value: Copies of sales receipts, estimated or appraisal value and purchase contracts will help settle the personal property portion of a loss. This is particularly important for valuable items. While there’s no physical value attached, you should also keep copies of financial and legal records with your home inventory to ensure these are replaced if there is ever a disaster.
Don’t forget off-site or stored possessions: Items in a self-storage facility will be covered by your homeowner’s insurance and should be included in your inventory. Never put out the good China and have it stashed away in your basement? That should be documented as well.

How to Create a Home Inventory

There are a few methods to consider: pen and paper, spreadsheet, photos/videos saved to an external source (e.g. the cloud) or a home inventory app. There’s no right or wrong, but you should choose the one that will get you moving on this today, and you’ll keep organized and up to date.

Pen and Paper: This is an inexpensive way to track your items and something you already have access to in your home. You can easily move from room to room documenting everything. However, this requires you to keep a hard copy on file and may not be the most effective list to hand over in the instance of a claim (how legible is your handwriting?).
Spreadsheet: A spreadsheet program such as Microsoft Excel or Google Docs will keep you organized and makes it easy to add or delete items as needed. The main drawback is that spreadsheets aren’t very user friendly on phones or tablets, so you’ll need to carry your laptop with you as you record, or go back to your desktop computer. You can start with pen and paper, and then record it in a spreadsheet, but this creates a two-step process and reduces the chance you’ll take the time to start.
Photos and Videos: Most of us rely on our mobile phones for just about everything and one more use can be your home inventory. You can quickly walk into each room and take photos and/or videos, but you’ll need to make sure you’re saving everything where it can’t be lost such as iCloud or a thumbdrive stashed in a fireproof safe—just don’t save it to your home computer hard drive. Too, you’ll still need to record all purchase/value details requiring a separate document or print the photos and write information on the back (another extra step).
Inventory App: There are several advantages to using an app: easily add photos of the items and receipts, data is safely stored, and you can access from anywhere. You’ll have to type in details which can be a bit tedious but no more than writing down information or entering into a spreadsheet.

Once you’ve compiled your initial list, send it to your insurance agent to determine if you’ll need additional home insurance or renter’s coverage. However, creating a home inventory doesn’t stop there—be sure you’re regularly updating with new purchases and keeping your appraisals current. Make a habit to add items as soon as you get them, so receipts are handy.

Additional Home Disaster Tips

Now that you’re on your way to getting an inventory in place, it’s important to go beyond this and have a family action plan ready if a disaster strikes. Below are a few more things to think about:

Have an emergency bag ready to go with essentials. If you wake up in the middle of the night to a house fire, you may be forced to run out the door with only the clothes on your back. If you have a bag close by (under your bed or in a nearby closet), you can hopefully grab that and have a few things that are important to you. It’s helpful to include insurance and other key contacts here if you don’t have them readily available otherwise.
Plan for animal care. An insurance company will typically cover $5,000 for necessities and put you up in a hotel or apartment, but if the housing doesn’t take animals, you’ll need to board your furry friends or have other arrangements.
Once you’re in a safe place, contact your insurer. Let them know what happened and where you can be reached. Do not return to your home until it’s safe to do so.

Questions about homeowner’s insurance or recovering from a disaster? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.