How Often Should You Update Your Home Inventory for Insurance?
Creating a home inventory is a critical step in preparing for the unexpected. But an inventory is not a “set it and forget it” task. An outdated inventory can be almost as unhelpful as no inventory at all. To ensure you are fully protected and can receive a fair insurance settlement, you must keep your inventory current.
So, how often should you be updating it? The answer involves a combination of routine check-ups and event-driven updates.
The Annual Review: Your Yearly Check-Up
At a minimum, you should review and update your home inventory once a year. A great time to do this is when you receive your homeowner’s insurance renewal notice. This serves as a natural reminder to review your coverage and ensure your inventory aligns with your policy.
During your annual review:
- Walk through your home and visually compare your inventory to your current belongings.
- Remove any significant items you have sold or discarded.
- Review the values of high-ticket items like electronics or collectibles to see if they need updating.
Event-Driven Updates: Update After You Accumulate
The most important time to update your inventory is immediately after acquiring new, valuable items. Waiting for your annual review could leave significant purchases unprotected. You should update your inventory immediately after:
- Making a Major Purchase: This includes new furniture, expensive electronics, high-end appliances, or significant artwork.
- Completing a Renovation: After a kitchen or bathroom remodel, be sure to add the new fixtures, appliances, and materials to your inventory.
- Receiving Valuable Gifts: Add any significant gifts from holidays, weddings, or birthdays, such as jewelry, watches, or collectibles.
- You Receive News that a Weather Emergency is Possible: Make sure your inventory is updated incase of a weather disaster. Check out this article about creating a home inventory list for disaster insurance purposes.
Why DomiDocs is the Best Choice for Keeping Your Inventory Current
The main reason people fail to update their inventory is that it’s a hassle. Manual lists and spreadsheets are clunky and difficult to edit. DomiDocs was designed to make this process effortless.
1. Updates in Seconds from Your Phone
With the DomiDocs home inventory app, updating is simple. Just bought a new TV? Open the app, snap a photo of the item and the receipt, add the price, and you’re done. This ease of use encourages you to make those crucial “event-driven” updates in the moment, ensuring your inventory is always current.
2. A Living, Breathing Document
Because DomiDocs is a cloud-based platform, your inventory is a living document, not a static file. You can easily add, edit, or remove items from any device, anytime. This turns a once-a-year chore into a simple, ongoing process.
3. Integrated and Secure
Your updated inventory is stored securely in your digital vault right alongside your homeowner’s insurance policy. This means your proof of ownership is always linked to your proof of coverage, creating a powerful, organized system that ensures you are always prepared and fully protected.
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