- GIVE TWO REASONS YOU SHOULD COMPLETE A HOME INVENTORY FULL
- GIVE TWO REASONS YOU SHOULD COMPLETE A HOME INVENTORY DOWNLOAD
Tape measure to record the size of items.Flashlight for finding model numbers on the back of appliances and electronics.You can also use your smartphone to take photos. Scanner (optional) to provide digital images of receipts and other important papers.Smartphone or video camera to provide additional documentation of your possessions as they appear in your home.Digital camera or smartphone to photograph your possessions.Or, you can print out a home inventory spreadsheet and fill it out by hand.
GIVE TWO REASONS YOU SHOULD COMPLETE A HOME INVENTORY DOWNLOAD
Use one of these programs on your computer or download an app on your smartphone.
A spreadsheet or word processing program. Though easy to compile, you’ll need time and patience to gather the information needed for a home inventory report.įor your insurance company to accept your home inventory, it needs to be detailed and comprehensive.Įquipment Needed Easily organize your home inventory information on a digital spreadsheet. Scans of receipts and important documents. Estimated or appraised replacement value. When conducting a home inventory, include the following information about each item: Information You Need Original receipts are always best, but a photocopy can work in some cases. A home inventory provides a valuable resource for estate sales and auctions. Because the home inventory is a complete list of your personal assets, it can be used for loan applications or determining your net worth. A home inventory report clearly defines all needed information, so the probate process is simplified, faster and less stressful. Important documents such as wills, life insurance policies, deeds, and stock certificates can be scanned into the inventory report, along with the location of the documents. It ensures your assets are distributed according to your wishes. The home improvement report provides a detailed breakdown of personal property, including beneficiary designation and contact information for each item. (dlewis33, Getty Images Signature)Ī home inventory also acts as a valuable resource and supplement for wills, trusts, or other legal documents: Home Inventory in Estate and Financial Planning A home inventory is a valuable resource for estate sales and auctions. Verifies the condition of your assets before moving or placing them in storage in case of loss or damage. Results in a higher appraisal for your home, since it documents and provides proof of home improvement projects which add value to your home. Actual cash value is a lower amount that consists of replacement cost less depreciation. Allows an evaluation on whether to insure your property and contents at “replacement cost” or “actual cash value.” Replacement cost is the amount it takes to replace or repair your home and possessions with materials of similar quality. 
GIVE TWO REASONS YOU SHOULD COMPLETE A HOME INVENTORY FULL
You can then decide to purchase additional coverage (known as a “rider”) to insure items for their full value. Identifies items - such as jewelry, coins, antiques, artwork, and silverware - that have limited coverage.Ensures you have the necessary amount of insurance coverage.
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