Household Inventory

A Record of Your Assets

Your homeowners insurance provides coverage for the contents of your home, up to a limit which you have selected with your insurance agent. In the event of a total loss, you would be expected to provide a list of all of your personal property that was damaged, along with its estimated value.

If a loss occurred today, would you be able to compile such a list? Would you trust yourself to remember every item in your home, and the approximate value of each item?

If you’re like most people, it would be very difficult. That’s why Security Networks has helped develop this Household Inventory. It’s a simple fill-in-the-blank worksheet that takes just a few minutes to complete but could save you hours of frustration if you ever have a loss.

Determining the Value of Your Belongings

The standard homeowner’s policy is designed and priced to cover the actual cash value of your personal property - that is, the replacement cost less depreciation for age and use or condition. How-ever for extra protection, you may choose to have replacement cost coverage on contents added to your policy.

For a small additional fee replacement cost coverage provides for the repair or replacement of your personal property - regardless of depreciation.

When entering the “values” on your inventory, you should use either the actual cash value or replacement cost - depending on the coverage provided by your policy.

The Easy Way to Complete Your Inventory

First, click on the link to the Household Inventory form below to list the items you own, along with what you consider their value. By grouping your belongings by the rooms in which they are located, you’ll be less likely to overlook something.

Next, we total the values for each room and enter the information under the appropriate headings on the inventory form.

When everything is listed, the values are automatically totaled to arrive at a “grand total” figure. Then, check your homeowner’s policy with your insurance agent to make sure your present coverage is adequate to protect you in case of a major loss. If your “grand total” figure is greater than the Coverage C (contents) limit on your homeowners policy, you need to increase your coverage.

A Picture is Worth a Thousand Words

Although it’s not required, we encourage you to take photos of some of the property you list in your Household Inventory. In particular, photos of higher valued and unusual items, such as antiques, are extremely helpful when it comes to settling a loss. The photos should be identified and stored along with your completed form. You might also consider videotaping these items and storing the tape with your Household Inventory form!

When You’ve Completed Your Inventory

Keep a copy around the house if you’d like, but make sure your original Household Inventory is put in a safe place - either in your safe deposit box, or filed with your insurance agent. (To avoid loss of your inventory, be sure not to store it on your premises.)

Then once a year, recheck it. What new items have been added to the household? How have the cash values changed? How does the protection of your homeowner’s policy measure up against inflation? With the help of your insurance agent, make sure your home and its contents are insured-to-value and that your coverage is increasing at a rate equal to the rate of inflation.

> Click Here for your Security Networks Household Inventory form