What is a home inventory?

An inventory lists your personal possessions (everything from tennis shoes to TVs) and their value.

What is the point of having one?

Insurance, insurance, insurance. “Home inventories make it easier to substantiate your claim” in case of fire, natural disaster, or robbery, says Jeanne Salvatore, a senior vice president at the Insurance Information Institute.

An inventory also determines if you have the right type and amount of insurance. You may find that your computer equipment is worth $5,000 but your policy covers only $3,000 worth. You can then increase your coverage. Home cataloging also makes creating wills easier.

If I don’t own my home, should I still do an inventory?

Yes. Renters and students living in dorms can use an inventory to back up a loss-of-contents claim with an insurance company.