The benefits of a home inventory are many, but we’ll lay out a few things it can do.
Moving provides the perfect opportunity to sort through all of your belongings to separate the “keepers” from the “giving aways.”
Hiring professional movers is not cheap. Determining exactly what's going with your stuff in advance of your mover walk-through saves you time and money because your estimate is based on a room-by-room, attic-to-basement survey of items that you’re relocating.
Your homeowners or renters insurance policy covers the costs of replacing personal items (furniture, electronics, clothing) in your home that are damaged or stolen. Your casualty loss might be the result of a fire, hail, wind, or other natural disaster.
Having a current home inventory helps you determine the value of your home’s contents so you know exactly how much insurance you’ll need if you have to replace these valuables.
Most of us don’t have sharp mental recall when faced with a disaster, so a comprehensive and up-to-date inventory ensures that you have one less thing to think about when you’re knee-deep in stress.
You can mitigate the chaos and help your insurance adjuster expedite your claim.
When you file a casualty claim, the insurance company requires that you document the worth of your damaged items. Your home inventory can act as a reference document for your insurance adjuster that contains all the essential information.
If you sustain losses from natural or man-made disasters, the IRS may offer some help. Sudden, unexpected, or unusual events that result in “damage, destruction or loss of property” may qualify you for itemized deductions that reduce your taxable income.
Good records are essential. If your loss is part of a presidentially declared disaster area that sustained damage by flood, earthquake, hurricane, or tornado, you’ll have even more benefits available to you.