Why do you need a home inventory?

When you file a home insurance claim, you can also get paid for any personal property that was stolen or destroyed. Your agent or company will ask if you have a home inventory.  Why do I need a home inventory?  A home inventory is a way to help you remember what you own. By taking pictures or writing it down, you can remember the TVs, light fixtures, silverware, clothes, furniture, and more.  How much will my insurance pay for my personal property?  It will pay up to your coverage limit if the total amount stolen or destroyed adds up to that amount. You might have more expensive items – like jewelry, bicycles, or artwork – that are more valuable. You can buy an endorsement to your policy that will pay more for these items. Look on the first page of your policy to learn your personal property coverage limit.  How do I put together a home inventory?  The easiest thing you can do is take pictures and videos of everything in your house. Don't forget your closets, drawers, garage, and sheds. You can also use TDI's home inventory (PDF) form or a home inventory app to write down items. Include the serial number, the date you bought it, and the amount you paid. Take pictures of receipts.  How often should I update my home inventory?  After you put an inventory together, update it every year. You buy and sell things throughout the year that you'll need to add or take off. If you bought something expensive or valuable, ask your agent about buying an endorsement.