How to Make an Inventory for Insurance Purposes

None of us know what the future has in store for us and it is always advisable to be prepared.  This is not being pessimistic, it is being realistic.  Bad things happen all the time and we should always try our best not to be caught off-guard! 

By having home insurance, you will also have great peace of mind; but how do you go about making an inventory of your possessions?  This is the first thing that a Loss Adjuster would want to see should you need to make a claim.  But if you are not sure how to go about making an inventory, then you will certainly not be alone!  Here are a few tips to help you on your way...

Research

To begin with, it is crucial that your insurance company have accurate information.  If there is even the slightest chance that something is inaccurate or has been overlooked, then you should get in touch right away!  Any discrepancies could cause all manner of problems if you need to make a claim.

You should also look out for any ‘special categories’ in your policy...  certain insurers may neglect to inform you that some of your items are not actually covered!  It may be necessary to take out an additional policy to get the full amount of protection.  This may be more costly, but in the long run it could prove to be very worthwhile!

Your List

Okay, so you are ready to make your list of possessions.  Grab yourself a pen and paper, make sure you won’t have any interruptions (or you may well miss things out or discover duplicates on your list!) and you are ready to start.

Begin at one end of your property and work your way from room to room.  Be as organised as possible and do not rush.

To Include or Not to Include?

Some of your possessions may be relatively small in value, but you should still put them on your list.  If your home is consumed by fire (and I really hope it never is), then you will want everything replaced; not just the large and expensive items!

When you are listing books, videos, CDs or DVDs, do not write down every title; simply mark these down as ‘job lots’.

However, when you are making a note of jewellery, you do need to list each individual piece.  If you have any items that are especially valuable, get in touch with your company to make sure they will be covered on your basic house insurance.  Most insurers will have a maximum replacement cost for an individual item...

Go Digital!

When you have completed your inventory, it is always a good idea to transfer it to your computer.

You should then make a back-up copy and keep this away from your home.  This will mean that your inventory is still safe if you have a fire at your property or your PC goes on the blink!

You can also take photographs (or even video footage) of any particularly valuable items and include them alongside your other data.  This can also go a long way to recovering your possessions if you are unlucky enough to be broken into. 

By following this advice you cannot go far wrong.  However, if there are any other matters that are unclear then it is a good idea to get in touch with your insurer.  They are providing your home insurance and will be able to tell you exactly what is/is not necessary to include on your inventory.

I am a volunteer with the Fire & Support Service of the British Red Cross in Bedfordshire and, as such, we are called out by the local Fire & Rescue Service to house fires to look after the residents while they get on and extinguish the fire. 

Even after a small fire the damage caused by smoke and soot is considerable and, so, we recommend homeowners to make a copy of their policy numbers and the insurer along with bank details, credit card numbers, passport numbers, etc., put them in an envelope and give them to a relative or friend to look after.  Then, if the worst happens, the insurance company can be contacted quickly, even in the middle of the night, and in the majority of cases, they arrange immediate temporary accommodation, usually, a hotel room or rooms pending the sorting out of things during the next day.

Philip Jones
 

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