About Home Inventories

To select the right amount of Texas homeowners insurance, you will need to conduct a home inventory. Read on to learn how to take a home inventory and why it's important.

Why Take a Home Inventory?

A home inventory makes a record of all the possessions you have in your home and their value. The inventory serves several purposes. For one, the inventory helps you choose the right amount of Texas homeowners insurance for your needs. Secondly, if your home ever suffered a devastating loss, you would have a record of all the items that need replaced. Having a home inventory handy will make the claims process much faster. Finally, a home inventory also serves as proof to your insurer that you actually own the items included in a claim.

Taking a Home Inventory

Here are a few tips on taking a home inventory for your Texas home insurance policy:

• The sooner, the better. The easiest time to complete a home inventory is when you first move into your home. This way, you can make note of each item as you unpack. If you've lived in a house for many years, a home inventory is still possible, but it's much more difficult. Ideally, you should also take a home inventory before you purchase Texas homeowners insurance to estimate your coverage needs.
• Choose your inventory method. The old-fashioned way of taking a home inventory is to record the name, quantity, and serial numbers (if applicable) of every item in your home on a paper list or in a word-processing document. However, this method requires a great deal of work and is not as efficient as more technologically savvy methods. For instance, many Texas homeowners choose to take their home inventory on video. Not only is this method easier, but it is also more convincing proof to the insurance company that you actually own the things you claim. Alternatively, you can also conduct your home inventory with photographs.
• Give special attention to high-dollar items. If you have high-dollar items like collectibles or jewelry in your home, a standard Texas homeowners insurance policy may not fully cover them. Make note of these items and present a detailed description of them to your agent to verify that you have adequate protection. In some cases, your agent may require an appraisal of the items before they can be insured.
• Consider using a computer software program. Most personal finance software programs include an option that allows homeowners to complete a home inventory on a room-by-room basis. This will break the task into smaller chunks and help you keep your work organized.
• Make copies of your inventory and store it in a safe place. You'll want to keep at least one copy of your inventory on hand in your home. The other copies of your list, photographs, and/or video should be stored in a safe place outside of your home. For example, you might give a copy to your Texas homeowners insurance agent or place a copy in a safe-deposit box or family member's home.