How to Create a Home Inventory to Help Speed Up the Insurance Claim Process

By Wesley J. Farrell,Esq.

A home is often someone’s largest investment and therefore, property insurance coverage is crucial so that the home and any contents are covered in the event of a catastrophe. We recommend completing a room-by-room home inventory so if you have an insurance claim in the future, you will have a permanent record of what you own and how much it’s worth.

What is a Home Inventory?
A home inventory can help you ensure that you have adequate insurance in the event of catastrophe and can help you verify your losses. A home inventory is a complete record of your belongings, including their purchase date and approximate value. A complete inventory can help you identify items that may be difficult to document after damage, especially smaller items, and can serve as a starting place when you report a claim.

Why Should I Create a Home Inventory?

Experts say creating a home inventory doesn’t take that much time and is well worth the trouble if you ever need to file a home insurance claim. If you have to mentally walk through your home and try to recall all of your possessions after your home has been damaged or destroyed, you’re likely to forget some of them. Most importantly, having a home inventory speeds up the insurance claims process and provides valuable information you may need when claiming tax-deductible property losses on your tax return. In fact, it’s a great idea to complete your home inventory before you shop for home insurance to ensure you select the right coverage amounts.

Be Thorough

The more detailed documentation you can supply during the claims process, the fewer problems you will experience. In addition to completing an inventory, take photos of your personal property. Pictures add details about your inventory that written documents can’t. Also, include serial numbers if they are available. Once the inventory is complete, estimate the replacement cost of your property using current prices and compare that amount to your personal property coverage limit. If you feel your coverage should be increased, contact your agent.

Use technology to document your Home Inventory

While the task of documenting everything in your home may seem like a daunting project, creating a home inventory is easier now more than ever. With a myriad of apps and tools available, the use of technology can simplify the process and provide you with an organized catalog of your belongings complete with pictures and often videos.

However, if you prefer, you can always go old-school and create a simple spreadsheet for every room with space to enter the name, brand, model, purchase date, warranty expiration date, price and notes for each item. Whatever you decide to use, a home inventory will prevent you from being one of the homeowners who won’t be able to provide the necessary information to their homeowner’s insurance provider should they need to submit a claim due to fire, theft or some other covered peril. If your claim is being denied, delayed or underpaid, hiring a homeowner’s insurance lawyer that knows property insurance lawyer in your state can make a big difference in the success of your claim. The insurance company has a team of lawyers working for it to make sure they don’t pay you. You should have a team of lawyers working for you too!

FPJL will aggressively represent you to ensure you get the money you are owed without any further delay by the insurance company. Our team of attorneys have decades of experience providing affordable representation to Individual and Corporate policy holders facing a wide range of denied, delayed or underpaid insurance claim issues.

Contact our law firm today at (305) 300-3000 for a free consultation!