OK, for many folks that sound more like punishment than fun, but for a lot of us in the FIRE community, we love to create and monitor lists, reports, finance sheets, etc. So this sort of thing can be enjoyable. I know, we are sick individuals.
Its also an excellent spur to make folks embrace minimalism?
Over at Women Who Money, they’ve written a pretty good article on why you need a home inventory and some practical steps on starting one. The key reason is that every year “One out of 20 households has to file insurance claims due to theft, fire, wind and water damage.” Having the items you need replaced inventoried, photographed and ready to go will dramatically help this – and may make you review your insurance to make sure it covers the needs.
The article goes through the variety of helpful aps and computer programs that could assist you in it. Some of the ways folks can do it is:
- Make a video and describe items and their costs. One for each room
- Photos. Again, documenting details, including brand names and serial #s
- A digital inventory. FIRE folks friendly list, using apps, online tools, or just a spreadsheet
For some of the more expensive and/or hard-to-replace items, they suggest you include:
- Model number
- Cost – include the receipt if you have it
- Store where purchased
- Purchase date
- Serial number
- Photos or videos (close-ups are helpful)
- Appraisal of antiques and collectibles
- Replacement costs
I think one of the best things the article covers I getting started. Rather than “eating the whole elephant” they suggest you start with selected categories and do them one at a time, then branch out as necessary. The ones they suggest you start with are:
For storing the inventory as you complete it, they suggest a physical copy in a fire safe at home as well as one off-site (safe deposit box?). Also have digital copies, including out on the cloud.
I’ve had an old version of the inventory, but haven’t updated it in years. Going to start this Thanksgiving weekend with the electronics and appliances, and then go from there.
I liked this article so much, I added “Women Who Money” to my blogroll. Looking forward to reading more from them.
Mr. 39 Months