Insurance Insight: Time For A Spring Inventory

As we enter into the Spring, many of you will be doing some spring cleaning around your home. Maybe you’ve got some work to do out in the shed or garage, or maybe you’ve got piles of clothes that you need to get rid of. Believe it or not, this is the perfect time to take account of your belongings in your home.

It’s not the most appealing thing to do, and certainly not very exciting, but it’s very practical, and possibly worth hundreds or thousands of dollars in the event of a fire, burglary, or major storm. And, while Spring is a beautiful season, we all know that it brings some crazy weather to this area.

Unfortunately, unexpected things happen every day that affect your home. As a homeowner, it is your duty to make sure you do a thorough job of taking inventory of your belongings. If you are ever required to file an insurance claim that impacts a large portion of your home, having a fairly complete and updated list of contents will be extremely helpful in realizing a timely and fair settlement. It can be equally helpful for a police investigator or with a tax filing for a deduction if a calamity occurs. This practice is for renters as well.

If you take a moment and think about a ‘junk’ drawer in your home (don’t tell me I’m the only one who has one), how many things would you say are in there? Are there cell phone chargers? Tools? Maybe you have a piece of jewelry laying in there that you’ve had the best intentions of getting appraised. In any one drawer, you can have over 50 items, all ranging in value. Now imagine all of the drawers in your home. Feeling overwhelmed yet?

Most people (at moving, or garage sale time) are shocked at the amount of “stuff” they have accumulated over the years. From rugs to clocks to jewelry to collectibles to clothes to décor to tools—the list goes on and on! It quickly becomes more than you can readily recall after a catastrophe of some sort. Think back to when you were trying to recall items in just one drawer on a day like today. It’s difficult enough to recall when you’re not in an emergency. What I don’t want to happen is for you to try to think about it if you do have an emergency.

I tell people I meet with to take a few minutes, grab their phone (most of them have video recorders these days) and record and/or take pictures. Go in each room, wall to wall, open drawers, open cabinets, open closets, go to the garage, etc. This will only take a few minutes and will be well worth the effort. Another option is to contact your insurer for a home inventory list, or if your account is online-enabled, your insurer may have it online.

Of course, there’s certainly nothing wrong with the old-school approach of making one yourself. Walk through your home and list the major items in each room. When appropriate, list the brand, model, date of purchase, and cost (it’s good to keep receipts for major purchases). For antiques or jewelry, written descriptions and appraisals are important. The bottom line is that records are good.

One of the most important parts of this process is to keep your inventory checklist, video and photos away from your house, in a secure location. I tell people to email the video to their personal email and a friend or family member’s email because you can access your email from multiple locations. Put pictures in a safe or at work, or even at a family member’s house. You can do the same for them.

As with anything, preparation is key. The thought of doing this may not sound appealing, but I’d rather someone be prepared and have a smoother process during claim time than the latter. I challenge you to take ten minutes to do this and then enjoy the rest of the spring time knowing you’ve taken yet another step to protect you and your family.