Take a moment to picture all your belongings in your home. How much do you think they’re worth? How much would it cost to replace each item? If you’re like most homeowners and renters, you’d be surprised at the total value of your belongings. You never know when you could experience a loss and need to file a home insurance claim, so having an inventory list to understand what everything is worth will complement your policy nicely. Here we answer common questions about home inventory lists and provide tips to help you develop a thorough record.
 
What is a home inventory list?
A home inventory list is a record of all your belongings in your home. It typically includes the name of the item (with the brand and model number), a brief description, the value, the serial number (standard for electronics), and a receipt/warranty. It’s recommended that both homeowners and renters maintain a list of their belongings.
 
Why should I have a home inventory list?

• Ensures you have a strong understanding of the items in your possession and their value.

• Helps you determine how much and what kind of insurance coverage you need. Most home insurance policies outline limits for different types of specialty items. If your belongings in any given category add up to an amount that exceeds the limit, it’s best to purchase additional optional coverage to ensure you have enough protection. For example, if your policy’s total limit for jewellery is $10,000, with a per-item limit of $2,500, your precious diamond ring may require extra coverage.

• Prepares you in case of a loss. You never know when a break-in, fire, or flood, among other unexpected scenarios, could occur. For example, suppose someone broke into your home and stole various items. Your insurer will ask for an inventory of the damaged, lost, or stolen items covered by your policy. After such a stressful event, you may find creating a list from scratch challenging.

• Proves that you own the items included in your claim.

 
How do I create and store a home inventory list for my belongings?

• A hard copy – the most traditional style. Many homeowners keep a logbook or binder with a complete list of their belongings.

• A soft copy – keep track of your belongings in an Excel file, PDF, or Word document as a simple way to maintain a digital record. Download our handy home inventory form and fill out a sheet for each room in your home.

• Taking photos – a curated collection of photos is an effective way to track items and prove you own them.

• Filming videos – an increasingly popular style. Many homeowners are doing video walkthroughs of their homes to outline the items they own.

 
Your chosen method is up to you; however, it may be best to include a combination of the above to create a thorough list. Store your home inventory list somewhere safe, ideally outside of your home. Multiple copies in multiple locations are best, so keep a hard copy in a safety deposit box and a soft copy on your mobile phone or computer.
 
Tips for developing the best home inventory list

• Break down your list by room – starting a home inventory list from scratch can be daunting. Simplify the process by doing it one room at a time.

• Keep detailed records. The more detailed, the better. Include as much information as possible, especially for big-ticket items.

• Include dates and receipts. Whenever possible, include the purchase date in your records. Try to keep the receipts for all big-ticket items, and as an added layer of security, scan those receipts so you have a digital version too.

• Don’t forget about the small stuff – the little things add up, so remember to include kitchen utensils, bedding, clothing, etc.

• Don’t forget the garage and outdoor property – remember to include items in the garage, shed, and backyard.

• Take photos or videos – photos and videos take your home inventory list to the next level and prove that those items are on your property.

• Create backup documents – always have backups of the original documents. Photocopy your paper list, make a digital file, and store it on a USB flash drive or in the cloud using Dropbox or Google Drive.

 
When should I update my home inventory list?

• When you purchase a big-ticket item – you’re less likely to forget to add it if you do it right away.

• After a renovation.

• When you’re moving – use your move as an opportunity to create or update your list as you pack.

• Annually. Review your list each year, ideally when you renew your home insurance policy. With your inventory fresh in your mind, it’ll help you choose the right plan.

 
If you're a current OTIP policyholder, contact us at 1-833-615-9329 to review your existing home insurance policy and discuss additional coverage. If you’re not insured with OTIP and are shopping for home insurance, call us at 1-833-494-0085 to get a quote and receive a $20 gift card of your choice!