Home Insurance Articles

How To Document Personal Property When Making A Homeowners Insurance Claim

2010-02-13

Any home insurance claim is not complete without a thorough list of personal property. Whether the property has been lost by flood, fire, or theft, any home insurance company is going to need complete documentation of all items in the home in order to make the claim as smooth and seamless as possible. While many homeowners are aware of this requirement, they are often not sure how best to document their property, and end up with multiple lists and only vague descriptions of items. This can lead to limited or negligible payouts for expensive property.

Homeowners insurance coverage explicitly states that documentation of all property in the home is required for replacement. For items like clothing, a general description and average budget for each person in the household will suffice, unless the item is unique or particularly expensive. For all other items of value in a home, especially electronics, a more thorough database should be maintained. Ideally, a homeowner should keep records of all items in a home on a computer and on a hard-copy list. This may seem redundant until the computer is stolen, which could make retrieving the list difficult. It is best to be systematic about the property inventory to make sure no items are missed. Begin in one room in the home and inventory everything in it before moving on to another. Do every room in the house this way to ensure nothing is missed.

When documenting items for homeowners insurance purposes, be specific. Include a brief description of the item, its make, model, and serial number. Also note when the item was purchased and for how much. Include the original receipt for the item or a copy of it, and make sure to take either a still photo or a brief video of the item. Don't forget to also include an estimated replacement value, especially for items of a rare or unique nature. Compile all of this data into one binder or box, and then transfer as much of it as possible to a computer, including scans or digital photos of the receipts. An alternative to the self-inventory is to hire a specialist, but make sure they are bonded and licensed and also be very clear on what data is to be recorded.

A well laid-out property inventory can save massive amounts of time and energy if a claim is ever filed. While there may still be disputes over the exact cost of items, a maintained and updated inventory can make any home insurance claim less stressful, and result in a payout which will most closely equal the true value of the items lost.