LIST IT BEFORE YOU LOSE IT!
THE IMPORTANCE OF MAKING A HOME INVENTORY
The Connecticut Insurance Department reminds homeowners and renters of the importance of creating a home inventory.
The CID Home Inventory Checklist organizes information about your possessions room-by-room, making it easy to create an accurate record of your property. Keeping a home inventory helps individuals stay current on their family’s evolving insurance needs. Whether you own or rent, check with your agent or insurance company to determine what your policy covers.
In the event of disaster, having a home inventory can streamline the claims process and help ensure that you receive the appropriate amount of compensation from your insurance company. Having a thorough inventory of your possessions can also help expedite the replacement of your personal property in the event of a covered loss. By cataloging your personal property, you can better understand the monetary value of your physical assets and the amount of insurance coverage you may need.
Tips for Making Home Inventory
- Make a list of possessions, including ‘celebration’ purchases such as jewelry and fine art.
- Think about family heirlooms, collections, and furniture. Also consider items related to everyday leisure time, from flat-screen televisions to custom guitars.
- Take note of commonplace items such as toys, CDs, and clothing. Do not forget items you may only use occasionally such as holiday decorations, sports equipment, tools, and high-ticket items kept outside your home such as landscape art and swing sets.
- Attach copies of original sales receipts and/or appraisal documents to your inventory. Be sure to note the model and serial numbers.
- Group your possessions into logical categories (e.g., by hobby, by room in your home).
- Carefully photograph or videotape each item and document a brief description including age, purchase price, and estimated current value.
- Remember to open drawers and closets to document what’s inside.
- Store your home inventory and related documents in a safe, easily accessible place such as a secured site/file online, a fire-proof box, or in a safe deposit box. You may want to share a copy with your insurance provider so they can help you make any necessary updates to your coverage.
- Review and update your inventory annually and whenever you make a significant purchase.
Using the CID Home Inventory Checklist or downloading the NAIC free Home Inventory application for your smartphone makes documenting your possessions easy.
For help with all your insurance concerns, contact the Department’s Consumer Affairs Division at insurance@ct.gov or call (800) 203-3447 or 860-297-3900 or on the Insurance Department Website.