Home Inventory A current inventory of your belongings makes it easier to file a claim. Keeping your records off-site is wise in case a fire or flood damages your property. Consider updating your home inventory each spring and advise your insurer of any major purchases. Why Keep a Home Inventory?Severe weather is on the rise across the country, making it more critical than ever to ensure that your property and contents are properly insured. With flooding and sewer backup occurring more frequently, it's crucial to be prepared for the unexpected. If your home is damaged or destroyed, it's important that it has been insured for its accurate replacement value. A thorough inventory of your home's contents and the associated value of the contents will help you and your insurance representative confirm adequate coverage. If you need to make a claim, your home inventory will help you receive proper compensation.5 Tips for Making a Home InventoryPrint a copy of IBC's Personal Property Inventory Checklist or download an Excel sheet to track your possessions room by room. In taking stock of your contents, consider the following.Keep the bills, receipts, warranties and instruction manuals for your more valuable possessions – these can serve as proof of ownership.Store your records and receipts in a safe place, such as a safety deposit box or a secure online option.Review your home inventory every year and when you make new purchases. The value of your possessions will increase the more you acquire.Take photographs or video footage of all of your valuable possessions.Store records of credit cards, taxes, government and other important household documents in an off-site location.When to Create and UpdateDuring spring cleaning as well as before a move are ideal times to prepare or update your home inventory list. When you increase the value of your home through a renovation or purchase expensive furniture, art, jewellery or other valuable items, notify your insurance professional. A thorough and current inventory of your home's contents and associated value will help confirm adequate coverage and, in the event of a loss, proper compensation. Learn more about when to update your insurance.What Your Insurer Needs for a ClaimLosses happen. If your property or contents are damaged, contact your insurance representative as soon as possible. Have on hand reference materials such as:Insurance policiesHome inventory or similar recordsCredit card records (some creditors provide limited insurance for purchases)Photos Personal Property InventoryDo you know how much your possessions are worth? Related ServicesUpdate Your insuranceYou are obligated to report home renovations or additions to your property insurer that may materially change the nature of the risk accepted by the insurer. It is important that you inform your insurance representative or insurer of any changes which may impact your insurance requirements.Mitigation TechniquesFlooded basements can happen all too easily and often without warning. Learn how to prevent or limit water damage and what to do if water floods your home.LiabilityIf you host a party at your home and serve liquor to a guest who causes an auto collision, you could be sued. If a courier slips, trips and falls while on your property, you could be liable. Risk management tips can help you prevent worst-case scenarios. Useful LinksBuying Home InsuranceAs a homeowner, you need to insure your house for replacement costs so that in the event of serious damage or destruction you have adequate coverage. Be sure to keep your home insurance current by reporting material changes or upgrades.Home Inventory ApplicationA current inventory of your belongings makes it easier to file a claim. Keeping your records off-site is wise in case a fire or flood damages your property. Consider updating your home inventory each spring and advise your insurer of any major purchases.DisasterAm I covered? When can I start to rebuild? In the wake of a disaster, there are many questions to consider. ICLRThe Institute for Catastrophic Loss Reduction (ICLR) is a world-class centre for multi-disciplinary disaster prevention research and communications.