Why You Should Create a Home Inventory

A home inventory may be more useful than you think.

In the event of a fire or a major burglary, it can be difficult to remember exactly what is missing or lost from your home. Major items like a flat screen television or jewelry box may be easier to recall than an ornate vase or the details of your vintage vinyl record collection.

In order to receive reimbursement from your homeowners insurance company, you've got to document exactly what you've lost.

Think it won't happen to you? In 2006, nearly one in every 20 insured homes filed a claim on their homeowners insurance, according to statistics compiled by the Insurance Information Institute (III).

Setting up a home inventory can speed up the processing time for your claim because the relevant documentation is already assembled. An inventory is also useful when sitting down with your insurance agent to make sure you have the right amount of coverage, and to see if you need any specific riders on your policy for jewelry or antiques.

"Often people are underinsured," says Loretta Worters, III's vice president of communications. "They don't realize the value they have in the property, and the inventory can help make sure they are covered."

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