Do homeowners insurance companies provide discounts for completing a home inventory?

UPDATED: Jul 21, 2015

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UPDATED: Jul 21, 2015Fact Checked

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Asked July 21, 2015

1 Answer

Even though a home inventory can be very important if you have to file a claim for a loss, it will not usually earn a discount with your insurance company. From the insurance point of view, proving the quantity, type and value of your possessions is your responsibility, and the home inventory works for you far more than it works for the insurance company.

You home inventory should be a complete list of everything you own, both inside and outside the home. This includes obvious possessions such as furniture and appliances as well as things you might not think of such as your clothing, linen, and cooking utensils. The more complete your home is, the better you are protected. Typically, the best home inventory is a video inventory where you move from room to room taking video of everything contained in the room.

Save your receipts, and include them in your home inventory. This way, if you suffer a total loss, your home inventory and copies of all of your receipts will be on file with the insurance company. With a video inventory, the insurance company can actually look at your property, verifying the condition and brand, among other things.

Capturing a complete home inventory may be a big task, but most insurance companies provide tools to help you do it properly and efficiently. Since some companies have special requirements to prove value or worth, it is best to check with your insurance provider to find out what they require and whether they have any special tools that will help you with the task. Tools may range from an app or computer program to a simple checklist of items most people own.

Answered August 5, 2015 by Anonymous

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