What Is a Home Inventory & How Do I Start One?

A home inventory is a detailed, organized list of all the possessions in your home. It includes information about each item, such as:

Description: What the item is (e.g., oak dining table”).

Brand/Model: For items where this is relevant (e.g. “Sony TV model XYZ123”).

Serial Number: Helps with identification, especially for electronics and appliances.

Purchase Date: When you bought the item.

Cost/Value: The purchase price or current estimated value.

Condition: The state of the item (e.g. “new”, “good”, “worn”).

Location: Where the item is in your home (e.g. “living room”).

Types of Home Inventories

1. Physical Lists: Written or printed records of your possessions.
2. Digital Lists: Spreadsheets or documents stored on a computer or cloud service.
3. Photographic/Video Records: Visual documentation of your items, often with accompanying written descriptions.

Why Create a Home Inventory?

1. Insurance: Helps with filing claims and ensuring adequate coverage.
2. Organizational: Assists in managing your belongings, especially during moves or home renovations.
3. Estate Planning: Facilitates the division of assets among heirs.
4. Financial: Aids in tracking the value of your possessions for tax or financial planning purposes.
5. Peace of Mind: Provides a sense of security by knowing you have a comprehensive record of your belongings.

How do I start a home inventory?

Starting a home inventory is a smart way to keep track of your possessions, which can be useful for insurance purposes, organizing, and decluttering. Here’s a step-by-step guide to get you started:

1. Choose Your Method: Decide how you want to record your inventory. Options include:

• Paper and Pen: Simple and straight forward, but may be less organized.
• Spreadsheets: Useful for organizing data with categories and can be backed up digitally.
• Apps: There are several inventory management apps designed for home use, like Sortly or Nest Egg.
• Photographs/Videos: Visual documentation can be helpful, especially for insurance claims.

2. Start Room by Room: Break down your inventory process by tackling one room at a time. This helps keep the task manageable and organized.
3. List Your Items: For each item, note down:

• Description: What the item is, including any details (e.g., color, brand).
• Quantity: How many of each item.
• Serial Numbers: For valuable or electronic items.
• Value: Approximate or actual value of the item.
• Location: Where the item is stored or used.

4. Photograph or Video: Take clear pictures or videos of each item, especially high-value items. Include any serial numbers or distinguishing features.
5. Organize and Categorize: Group similar items together (e.g. electronics, furniture, clothing). This makes it easier to find and manage your inventory.
6. Backup Your Inventory: If you’re using a digital method, ensure you back up your data. For paper inventories, consider scanning or photographing your lists and storing them digitally.
7. Update Regularly: Make it a habit to update your inventory whenever you acquire new items or dispose of old ones. Regular updates ensure your inventory remains accurate and useful.
8. Store Safely: Keep your inventory in a safe place where it’s easily accessible but secure from damage or loss. For digital inventories, use cloud storage for added safety.