Why have a personal inventory?

Insurance 
Receive insurance settlements faster because you will be able to identify what was lost. Most people can’t recall every item accumulated over the years after a loss.  You can also use your inventory to make sure you have the right amount of loss coverage on your homeowners policy.

Taxes and Valuation
A detailed inventory can help verify losses of  uninsured/under insured property for federal income tax deductions.  

Estate Planning, Pre-Nup, Divorce
A line listing or picture inventory can be used to supplement legal documentation or information.  

Moving or Remodeling
Keep track of lost or damaged items.  Moving companies should inventory everything they handle for you.  Can you trust them 100% to protect your interest in the event of lost or damaged property?

Save Money
Some insurance companies offer homeowners with an inventory a discount on policy premiums. 

Not Just For Homes
Documentation Services are available for small businesses, coin collections, fine art, musical instruments, tools, electronics, gun collections, landlord/tenant, renters, Pre-Nup/Divorce, estates, etc.

Here are a few insurance company quotes regarding the value of a home inventory:

Travelers Insurance

Conducting a Personal Property Inventory literature states: "Take the time to compile an inventory of your home now, and it will save you precious time and frustration later".

Benefits of having a personal property inventory include:

1. Helps to ensure you have the coverage you need.
2. In the event of a loss, it makes it easier for you to file a complete and prompt claim, supported by accurate documentation.
3. Helps determine the replacement cost of your lost or damaged possessions to settle your claim quickly.

Farmers Insurance Group

The following can be found on the back of their "Household Contents Inventory Record Book" - "This record can be worth thousands of dollars to you. Keep it in a safe place outside your home."    

State Farm Insurance

They offer the following under their "Home Inventory Tips" - "The threat of loss of property from fire, theft, or other causes is always present. An accurate inventory and proof of ownership at the same time of a loss can make claim settlement easier and faster."  

Allstate Insurance

New York State Fire Prevention and Control data shows that the total monetary loss from fire in 2007 was $259,080,286.