![]() The software allows users to scan receipts or appraisal forms as well as upload photographs. The Insurance Information Institute (III) offers free, downloadable software called Know Your Stuff, which documents your personal possessions and is even available via iPhone. While the task may seem overwhelming, technology can make the process of creating a home inventory infinitely easier. ![]() Essentially, a home inventory lets you take full advantage of your insurance policy. ![]() After a catastrophe, you will need to substantiate your losses to qualify for a tax break or disaster assistance, so a home inventory will be extremely useful in verifying your losses for your income tax return. A home inventory will be vital if you need to file an insurance claim, and it can ensure that your claim is settled quickly and efficiently. A comprehensive list can lead to a more productive conversation with your insurance agent about the value of your belongings. You can also conduct an inventory by room or item type.Ī home inventory can serve as a guide to make sure you purchase the amount of insurance you need. Consider starting with recent or most expensive purchases and working backwards. However, keep in mind that an incomplete inventory is better than none at all. The task may not be daunting for new homeowners, but it may seem overwhelming to individuals who have lived in the same house for several years. Homeowners should organize their inventory in a manner that is appropriate. It can prove invaluable in the event that disaster strikes, and it costs nothing but time. They estimate that more than 50% of these homeowners did not have an up-to-date home inventory of their possessions.Īll homeowners should conduct a home inventory, which is a list of your personal possessions along with information about their value. In 2011, severe weather disasters inflicted more than $43 billion in damage, according to the National Association of Insurance Commissioners (NAIC).
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