3 Reasons Everyone Needs a Home Inventory
1. Guide you in buying the right kind and amount of insurance.
Having an accurate list of your possessions allows you to have a more productive conversation with your insurance agent when making decisions about homeowner or renter’s insurance coverage. After all, if you don’t know what you have, how can you insure it properly?
2. Reduces stress when filing a claim.
When you file a claim, you need to provide information about what was lost. This is difficult to do right after experiencing a loss. Imagine you've been the victim of a burglary. Someone broke into and ransacked your house, stealing some of your valuables. You’re stressed out, and you don’t feel safe. Now imagine trying to figure out what the person took! Certain items will be obvious, like a missing television, but others won’t be as visible at first. Figuring out what items are missing is much easier if you have a list of everything in each room of your house.
3. Show financial losses for tax purposes.
You’ll need to provide documentation to get an income tax deduction for unreimbursed losses come tax time.
Read more about why you should keep a home inventory in our Insurance Information Center.