Why you need a home inventory — and how to create one
While you might think you could easily guess the value of your belongings at the drop of a hat, your stuff is likely worth a lot more than you think. Creating a home inventory is the easiest way to take stock of your belongings and understand their value, which can help you make sure you have enough insurance coverage. But a home inventory does more than tell you the value of what you own “on paper” — it also keeps track of important information about specific items, which can save you a lot of time if you ever have to make an insurance claim. Here’s how to make a home inventory list and use it to your advantage.
How to make a home inventory list
If you haven’t already started a home inventory list, you can make your own list on paper or search online for a home inventory app that suits your needs. No matter what format you choose for your home inventory list, it should include:
- A description of each item
- The brand name and model number
- Where you purchased the item
- How much you paid for the item
- A picture of the item
Start with your most valuable items — like electronics, jewellery, sporting equipment, and furniture — and work back from there. Keep copies of receipts if you have them, and take digital photos of each room in your home, clearly showing all of its contents.
Keep a digital copy of your home inventory
If your master home inventory list is on paper, take copies of it and store them somewhere secure that’s not in your home — like in a bank safety deposit box — and store digital copies of your inventory and room photos on the cloud so you can access them from anywhere.
How a home inventory system can help you avoid being underinsured
When you’re purchasing contents insurance — or updating your policy at renewal time — it’s important to review the sums insured in your policy. If the sum insured for your home’s contents is lower than the total value of all of your belongings, you could be left without enough coverage in the event that you have to make a claim, meaning you’ll have to pay out of pocket to replace some of your belongings — also known as
underinsurance or being underinsured. Make sure the coverage limit for your home’s contents is higher than the total value of your belongings to ensure you’d be able to replace everything you own in the event of a total loss, such as a house fire.
Contact BF&M to update your contents insurance policy
After you’ve created your home inventory list, log in to review your contents insurance policy and make sure your sum insured covers all of your home’s contents. If you have questions about your coverage or want to update your sum insured, you can contact our customer service team for support at +1 441 295 5566.