There are many excellent reasons to create an inventory of your home. Not only is it an important tool to help you recover from a calamity, it's also a good way to estimate how much insurance you'll need. You can also use it to verify losses for income tax returns, to help you keep track of your property, and to ensure that your beneficiaries have important appraisal information about antiques and heirlooms.
If you're moving into a new place, it's a great time to start an inventory. If you've been living in the same location for many years, the project might seem a little overwhelming at first. But if you plan ahead and use these organizational tools, you'll have a useful inventory in no time.
Getting started
To create a home inventory, start by making a list of your possessions. One good way to proceed is by rooms. Start with the living room, move to the dining room, and so on. Don't forget the walls and ceiling! If you have framed art and wall hangings, you'll want to include them in your inventory, as well as chandeliers and light fixtures.
Describe each item, when and where it was purchased, how much you paid for it, and the make and model, if applicable. If it's a major appliance or electronic equipment, take note of the serial numbers and warranty information. Keep copies of sales receipts, purchase contracts, warranties and appraisals, and file them with your inventory.
If you're standing in the middle of the living room feeling overwhelmed, don't worry. There are several ways to proceed, and you can go with whatever's easiest for you. You can start with the largest and most valuable items and continue on to the small stuff. You can also start in one corner and move around the room, following the home inventory list. Or just begin by recording your recent purchases and then try to remember whatever you can about older items. It's better to have an incomplete inventory than no inventory at all.
Know the value
Valuable items like jewelry, art, and collectibles may have increased in value since you first acquired them. On the other hand, that comic book you thought was worth millions might have decreased in value after all. There's only one way to find out: get them appraised. You can also do some research on the Web to find an approximate value.
For potentially big ticket items such as jewelry, art, and antiques, it's important to have an actual appraisal for your records. You might also want to check with your insurance agent to make sure that you have adequate coverage for these items. They may need to be insured separately.
Clothing can also be counted by category (dresses, pants, coats, shoes, etc.) and then listed in your inventory. Be sure to include appraisals of furs, vintage clothing, leather goods, and other valuable items. And don't forget your collections of books and music. Some volumes, albums, and CDs are very rare and therefore very valuable. You'd want to replace them if they were lost, and it's extremely difficult to remember the title of every book or CD in your collection without recording them somewhere.
In addition to your inventory list, you may want to take pictures of rooms and important individual items. If you're using a digital camera, you can include the photos with your list on a CD. (Use the art for CD and cover provided in this project.) Make notes with each photo about what is shown and why it's important.
Everything but the kitchen sink
Don't forget to catalog items in closets, drawers, storage sheds, the attic, the basement, and the garage. You may also want to walk through your house with a video camera or tape recorder, describing the contents. This can be a great supplement to a written record.
Also remember to take account of the critters in your life! Make a record of your pet's lives, including their medical information. Take note of animals with pedigrees and keep a copy of their certificates. If you have an aquarium, make a record of the fish and the size and contents of their tank. Make note of rare breeds of any animal you keep in your home, birds, chinchillas, ferrets, and so on.
Keeping it safe and up to date
Once you've finished your inventory, you need to keep it, along with receipts, videos, pictures, etc., in your safe deposit box. If you don't have one, you can leave a copy with a friend or relative. But remember, a flood that can damage your house will probably damage your neighbor's as well. Try to find somewhere that is geographically distant from your home.
It's important to keep your inventory current. When you make a significant purchase, add the information while the details are fresh in your mind. If you find updated information about the value of something you own, remember to make note of it. Keep a running list and make a plan to update the master copy at regular intervals. That way, you'll always have the most current information if you need it.
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