Household Inventory Lists for Insurance Purposes

6/30/2022 (Permalink)

If you experience a fire in your home these items of high monetary value are among the most difficult to replace if stolen or destroyed. Be sure to save receipts and/or take detailed pictures for these high-ticket items. Include them in your home inventory for insurance purposes.   

1. Electronics & Appliances: Electronics and appliances are among the most sensitive and easily damaged items in your home in the event of mishap. They are also among the most sought-after by thieves.
   • Televisions
   • Stereo equipment
   • Game systems
   • Streaming devices
   • Cameras
   • Computers, tablets & laptops
   • Home office equipment (printers/scanner/fax)
   • HVAC equipment
   • Refrigerator
   • Freezer
   • Stove/oven/range
   • Microwave
   • Toaster/Toaster oven
   • Dishwasher
   • Washer/dryer
   • Water heater
   • Power tools
   • Lawn equipment
2. Furniture: People rely on your furniture daily, yet few give consideration to the astronomical cost of replacing an entire household worth of furniture until it’s gone. Be certain to include in your home inventory checklist the following high-value furniture items:
   • Couch/loveseat
   • Cabinets & contents
   • Furniture & storage
   • Shelving
   • Bookcases
   • Tables
   • Desks
   • Rugs
   • Tables & chairs
   • Buffet
   • Hutch
   • Beds
   • Dressers, armoires
   • Desk
3. Jewelry & Costly Clothing: Not all policies cover high-dollar jewelry. Check your coverage limit carefully for terms. And be sure to have jewelry items appraised regularly, preferably annually, to ensure an accurate representation of their current price.
   • Wedding rings
   • Watches
   • Necklaces & bracelets
   • Broaches & pendants
   • Furs
4. Collectables: These items should also be appraised regularly at a reputable establishment to ensure an accurate representation of their current price and the need for additional insurance coverage as they go up in value.  
   • Antiques
   • Instruments
   • Artwork
   • Coins
   • Stamps
   • Crystal
5. Firearms: Homeowners and renters insurance also typically includes coverage for guns, from standard hunting rifles to collectables and antiques.

How Will Your Items Be Valued?

Items on your home inventory checklist will be valued in one of three ways depending on your coverage rules, so be sure to read over your policy carefully.

• Cash value: Replacement cost minus depreciation (think: garage sale prices).
• Replacement value: The amount you’d pay to replace your belongings at the time of loss (today’s retail prices).
• Appraised value: Typically used for one-of-a-kind antiques and valuables, which have been appraised and documented via your home inventory template.