The value of a home inventory

The home is a place of gathering, rest, and joy. It is also the place that houses some of our most precious belongings. In the event of a total loss and irreparable damage to these items, due to events such as a fire or flooding, it can be difficult to recall all of them. A home inventory, created as a simple video or series of photographs, can make all the difference.

“When it comes to everything we have at home, most people remember the major items like a couch or TV, but few of us can truly recall our day-to-day belongings,” says John McDaniel, Berkley One Property Claims Supervisor. “A home inventory can confirm ownership of these items and help to alleviate stress and complications throughout the claims process.”

Anytime is a good time to create a home inventory. With smart phones, the process to do so is easier than ever. Simply open the video function on your phone and move from room to room throughout the house, capturing detailed depictions of your items and making note of their value. Be sure to walk through every space (including the basement, attic, and garage) and to include valuable clothing, tools, accessories, houseware, cookware, and storage (do include specialty items such as high-end jewelry, art, and coins, too as such items may be separately described if you have a Collectibles Policy). If video documentation seems cumbersome, a comprehensive series of photographs, accompanied by written information on all items and their respective values, can also work. The more detailed, the better.

“One way to think about conducting the home inventory is to picture yourself using your phone as an air brush, and you are trying to paint your entire house,” says McDaniel.

He gives the example of standing in the middle of a room and working your way around in a circle, and from top to bottom. While a room with just a few larger items may take less than a minute to document, a bedroom or closet with ample selections may take several minutes, or pages, to document. In the event of a loss, large-scale or localized, McDaniel assures the time and efforts spent in creating a thorough home inventory will be well worth it.

“We once had a client who had experienced a covered total loss of property, and we were able to help him because he had sent us the video inventory he had created before the loss,” says McDaniel.

“Everyone may remember furniture and electronics, but it’s very easy to forget things like silverware, pots and pans, and special collections that are part of our everyday lives.”

Once you have your inventory, a good next step is to create a digital back-up of the video or photos and descriptions, ensuring that they are stored somewhere beyond your physical phone. A version can exist on Dropbox or Google Drive, and an email copy to yourself could work as well. This will help to make the inventory particularly easy to share with your agent if needed. It’s also helpful to update the inventory as needed—typically due to larger life events, such as a wedding or a move, or after updates to the home that may impact belongings (e.g., a remodel that now allows for additional space and items therein).

McDaniel notes that while creating the home inventory can be time consuming, he and his team understand the importance of addressing the topic.

“A home inventory can be a source of relief after a loss,” he says. “Creating one is a proactive step that, once completed, can help us more expeditiously move through the claims process.”

If you need guidance along the way, Berkley One’s risk management and claims experts are here to help with advice and risk consulting. To learn more, contact us here.

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Berkley One is a Berkley Company.

It helps to have resources you can count on, and at Berkley One, our risk management and claims experts are here to help with proactive advice and risk consulting for your home. We also offer access to our PlusOne SM Service Network, a team of fully vetted and insured contractors and service providers at your fingertips who can help clients with home installations or repairs before or after a covered claim. To learn more, contact us here.