Why You Need to Make a Home Inventory List This Summer.

CAA Manitoba May 21, 2020
A woman working on her iPad in a home office.

If you lost everything you owned, would you remember each item and its value from memory? We don't like to think about the potential harm that can come to our homes, but we also like to be prepared. That's why we get insurance.

That's also why a home inventory is important. Having a detailed list of your possessions ensures you have proper insurance coverage in the event of a burglary, fire, flood, or any other catastrophic event. It is important for getting the right insurance coverage and helpful if you should need to make a claim. With many of us spending more time at home due to social distancing, if you are cleaning or doing minor home repairs, now is also a good time to take a home inventory or update the one that you have.

If you're just starting out, creating a home inventory is a relatively easy task. But if you've lived in your home for years, the task might seem a little daunting. These tips will help you create a home inventory with relative ease.

What's the best way to record a home inventory? Pencil and a notebook? An electronic spreadsheet? There's even a number of mobile apps that can help you create a home inventory. Do what you find easiest. No matter which method you choose, be sure to also take photos or shoot a video for visual documentation.

You'll find it easy if you take the inventory room by room, perhaps doing a room or two each day until your whole home is documented.

A man writing on a clipboard.

Being thorough is important. Document the makes, models, serial numbers and ages of items, being as specific as possible. These details help identify what was lost or destroyed and help calculate replacement and depreciation values. Take pictures of the individual items and the room as a whole. Be sure to retain all receipts, warranties and appraisals for your most valuable items.

It's also important to keep records of insurance policies, credit cards, taxes, government and other important household documents. If you're keeping an electronic inventory, scan these documents for ease of retrieval.

When you've finished, make multiple copies of your inventory. You'll want to store one copy offsite (in a safety deposit box, with a trusted friend or family member, or with your lawyer). You can save any electronic files on multiple USBs or on the cloud for quick retrieval.

A home inventory is only useful if it's accurate and up to date, so review your home inventory every year and when you make new purchases. The value of your possessions will increase the more you acquire. Keeping an up-to-date home inventory will help you obtain the proper amount of insurance to protect your home and property, and receive proper compensation in the event of a claim.

Losses can happen, you'll be happy you were prepared if they do.

A CAA Manitoba Insurance Broker can give you a complimentary policy review – even if you're with another provider – and help you assess your coverage. To arrange for your review call 204-262-6067, toll-free at 1-844-300-9668 to speak to a broker.

CAA Members can save up to 10% on premiums.* Plus CAA Insurance Company has implemented a 10% rate reduction for CAA Home Insurance policies. This rate reduction will be applied for the full policy term and combinable with any other savings such as the CAA Member savings.**


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