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Detailed Home Inventory – Overkill or Essential?

a starter’s guide to making a home inventory First Time Buyer

To answer this question instantly, having a home inventory is essential in protecting your contents against unforeseen circumstances. Not only that, but your home inventory should be updated to ensure nothing is missed.

A home inventory is a detailed list of your personal belongings and their estimated value – both individually and collectively. The more detailed, the easier it is to keep an accurate track of your possessions.

In cases of common claim types like theft, fire damage, storm damage, accidental damage and escape of water, possessions can become damaged or lost, which can be stressful.

Why Does a Home Inventory Matter for My Insurance?

Having a detailed home inventory can help significantly when making a claim. It smooths out the whole process for yourself and your insurer.

If your possessions are damaged, lost or destroyed, your insurer will need an accurate account of the cost so they can provide you with sufficient compensation.

Your home inventory can help determine the right level of coverage needed. Source Home, for example, has a single article limit (SAL) of £5,000, which is the most your insurer will pay out for an individual item. So, if your expensive watch or necklace is damaged, it will need to be protected as an add-on to your policy for an extra fee if it is worth more than £5,000.

Note: anything worth over £1,000 must be named as a personal belonging, or it won’t be covered. Personal belongings cover is designed to keep your valuables safe!

By making a list and highlighting these items and their values, you can clearly see what’s covered and what will need adding to your policy.

Steps to Creating a Home Inventory

Step 1 – Start with Big Items
Start with higher value items to make sure you don’t miss anything expensive. These will likely be easier to remember anyway.

Step 2 – Room-by-room Documentation
Going room-by-room is an easy way to ensure you don’t miss anything out. It’s an easy way to have a specific order!

Step 3 – Detailed Descriptions
When it comes to making a claim, your insurer will find it much easier if they have all the details. As the saying goes, ‘Less is more.’, well, not in this case!

Step 4 – Physical Evidence
Physical evidence is always great as there’s no chance the item description can then be misinterpreted by your insurer.

Updating and Maintaining Your Inventory

Regular Updates

Like your insurance policy should be updated frequently, so should your inventory. Be sure to update both at the same time, especially after major purchases or home developments.

Annual Reviews

Set a reminder in your calendar for an annual, or six-monthly review of your inventory. This will ensure no new additions are missed and your inventory remains accurate.

Communication with Insurer or Adviser

Notify your adviser or your insurer about any significant alterations to your inventory. This keeps a constant open dialogue and helps keep your inventory up to date.

Additional Tips and Considerations

Other Valuables That May Need Consideration:

Some other items that may be worth over the single item limit include jewellery, art, antiques, medals and technological devices like computers.

These can be covered as personal belongings, as mentioned earlier. This will ensure your valuable items are protected, but they must be specified under the policy, or they won’t be covered.

Home Security Measures

Having home security measures helps to protect high-value items and other possessions in your inventory. Devices such as burglar alarms can also reduce the price of your insurance premiums.

Find this useful? Read our article about ensuring your insurance policy is accurate before renewing! It’s a great way to expand your knowledge about home insurance. Click here to read!

Have a policy with us? View it here!

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