Taking a Home Inventory

Taking a Home Inventory

Do you dread the thought of creating an inventory and documenting the personal possessions you own? You are not alone. Only 37% of homeowners who live in hurricane-prone areas have completed this task, according to a survey by the Insurance Information Institute.

Why is it so important to have an up-to-date inventory of personal possessions?

  • It assists when determining the proper amount of insurance coverage to purchase.
  • It helps get your insurance claims settled faster.
  • Provides documentation to substantiate losses claimed for income tax purposes.

What should an inventory include?

  • A description of the item, the date it was acquired, its cost and serial numbers.
  • A photograph or videotape of your personal possessions, stored on a CD/DVD.

Where should I store the inventory and photographs?

  • Multiple copies of the inventory and the CD/DVD should be created.
  • File one copy in a safe place.
  • Give one copy to a family member or trusted advisor.
  • Also consider keeping a copy at your place of employment in a locked cabinet or a safe deposit box.

The Vital Records PortaVault includes User Tips and Helpful hints.

  • The PortaVault provides guidance and forms for taking a personal property inventory.
  • We tell you where to get free software to use in taking an inventory.
  • Our tips help your review your insurance coverage, a good thing to do once your inventory has been completed.