How a Home Inventory List Can Protect The Things You Love
You are moved-in and settled. The paintings and family portraits are hung neatly on the walls. The boxes are all emptied and put away under the stairs; your house has now become your home.
When we met and signed your documents, I joked and said, “You are going to die, we need to plan for the event.” Now, I want to remind you of the importance of creating an inventory list of your belongings.
What happens if you have a flood, theft, or a major fire? Will you be able to remember what was in that drawer, box, or the back of the closet?
In 2012, eight days before Christmas, a water main broke in front of my home. My home was set lower than the other houses on the street, and the water came rushing in; sadly, the sump pump couldn’t keep up with the force of the water. My insurance company declared my home uninhabitable, and we had to move out while they soaked up the water, packed up the house, and rebuilt. Fast forward; I had to make lists and lists of the lost and damaged items; it’s easy to remember the big things and the more meaningful objects, but the little things like your son’s favourite childhood books, photos, your favourite spring bedding, because it’s winter. You won’t remember until late spring when you move back into your home and go to make the bed. My point, you need a means of triggering your memory, a way to remember what you have and where it’s stored. Ideally, you would also like to know the replacement value or even have the original receipts.
Most of us do not have this information at hand. The key may be your smartphone? With your smartphone in hand, you can take inventory of all your household items. Use your phone to record ALL of your “stuff!” I mean All of it—even the stuff at the back of the closet, drawers, and boxes. You’ll be grateful to have a memory prompt when the time comes.
A few years earlier, I took a video of every nook and cranny items in my home. I made two copies – one copy was kept in our safe at home, and I gave one copy of the video to a friend for safekeeping. Today with cloud services, you can keep your inventory list, video, and receipts in a secure cloud storage unit.
When the time comes, you can provide your insurance adjuster with an accurate and up to date inventory list and the video.
Its also visual proof that you are telling the truth.
Take the time to slowly and methodically move through your home with a video camera. Take photos as well. Sit down with notepad and pencil or excel and a keyboard and make a list, room by room.
If you are super ambitious, look up the replacement value, write down what you paid and the approximate purchase date, and where you purchased it. A detailed spreadsheet is a beautiful thing. A little effort today will pay dividends in the future if you find yourself needing it.
Now, why give a copy to a trusted friend? If your house burns down and your video was in the house safe, and it’s not fireproof, poof! There goes your inventory list. Even with a cloud service, you should still give a copy to a friend you trust.
No one wants to think about losing their beloved and cherished belongings to fire, theft, or flood, but it happens. Be prepared.