A personal property inventory is a detailed record of your belongings. Each item is specifically described along with the manufacturer, purchase date, serial and model number when possible, and value. Receipts and appraisals are helpful as are videos and photographs.
There are a variety of ways to prepare the inventory. Some people prefer to write everything on a worksheet or notebook. Others use a computer software program, website, or hire a professional to do the work. Choose the format that works best for you, and get started. Your inventory should include each item of value in every room, closet, garage, and outbuilding.
Putting together a personal property inventory is the best way to know what you have, understand your insurance needs, and secure adequate coverage. The Illinois Insurance Hotline suggests the following next steps for policyholders that have personal property inventories.
Homeowners insurance policyholders have certain responsibilities following a loss. Besides reporting the incident, the policyholder must make temporary repairs to prevent further loss, submit a claim report, and give the adjuster an itemized damage list. An up-to-date personal property inventory will make preparing the list of damages and documenting the loss less overwhelming.