Matthew Ashton

Written by

Matthew Ashton

5 minute read

Updated 21st August 2024

The content provided does not consider your particular circumstances and does not constitute personal advice, please check with your policy or insurer for accurate terms and conditions.

Do you currently have a home inventory? No? Take a moment to think about all the belongings in your home. What comes to mind? Maybe your cherished watch collection, shelves of vinyl’s or big flat-screen televisions.

All the big stuff aside, now think about all the smaller items? Clothes, shoes and jewellery. Your computer devices and smartphones. Your kitchen appliances, pots and pans. The items stored in cupboards and drawers. Imagine a worst-case scenario, like returning from a holiday to discover your home completely burgled? Would you be able to name every single item lost?

With 265,698 reported burglaries across England and Wales in the year ending March 2023, equivalent to approximately 727 burglaries a day, having a comprehensive home inventory will give you peace of mind should your belongings be lost, stolen or destroyed and will also help to take some of the hassle out of making a claim.

In this article, we’ll explore why you should consider creating a home inventory and how to get started.

What is a home inventory?

A home inventory is a detailed record of all the items you own. This covers everything from furniture, appliances and electronics to clothing, jewellery and valuable collections, trust us the little stuff adds up!

In the event of a burglary, flood or fire, a detailed home inventory provides a record of your items and their value, making the claim process much smoother and ensuring you get appropriately compensated for your loss.

Why do you need a home inventory?

While taking a home inventory sounds like a tedious and boring task, there are many reasons why you should set aside the time to take one.

Correct insurance coverage

A comprehensive home inventory for insurance allows you to determine the type and amount of coverage you need for your possessions more accurately, which is particularly important if you own several high-value items. Without an accurate home inventory, you risk underestimating the value of your belongings and could leave yourself underinsured. Suppose your inventory shows that you own many high-value items. In that case, a broker will be able to see if the sum insured and the value enables you to qualify for high-value home insurance cover.

Easier claims process

In the unfortunate event of a burglary, flood, or fire, your insurer may require proof of loss to process your claim efficiently. An accurate and up-to-date home inventory means you have a record already available and don’t have to work from memory, helping you gather the correct receipts, photos or invoices required as proof of ownership.

Understanding any losses for a tax break

If you experience a significant loss due to theft or fire, in certain circumstances, you may be eligible for tax relief or exemptions. For example, if you’re a landlord, you may be able to claim allowable expenses for replacing damaged items as part of your rental property business. A detailed home inventory will enable you to accurately determine the value of the damaged or stolen items so that appropriate proof of ownership can be provided to support your claim.

Peace of mind

It’s not easy to remember every item you own and the important details such as the make and model or the date it was purchased. An inventory provides peace of mind that you have all the information documented.

How to create a home inventory

Step 1: Choose your method


You can create a written inventory using a good old fashioned pen and paper or utilise one of the many digital tools available, such as a spreadsheet or inventory management software. There are also numerous home inventory apps you can download that enable you to log your possessions on your smartphone or tablet. A digital tool typically offers greater flexibility and is easier to update and share with
your insurer.

Step 2: Go room by room

Begin with the room or area of your home with your most valuable items. You can then gradually move around your home, room by room, ensuring nothing is missed. Alternatively, you may prefer to catalogue items by category, such as jewellery, electronics and important documents.

Step 3: Begin with your valuables

Start with your most valuable items, such as antiques, artwork, jewellery, furniture or electronics. These items are more expensive to replace and should have priority in your inventory. It’s important to get these items professionally valued on a regular basis to ensure you have an accurate value for them in your inventory and determine whether you require high-value home insurance coverage.

Step 4: Create detailed descriptions

Write detailed descriptions of each item, including the brand, model, serial number, and the date you purchased it. Record any distinctive features or characteristics of the items, which could help them be identified if stolen.

Step 5: Keep your receipt

Having the relevant receipts, invoices, or other proof of purchase is important. They provide evidence of ownership and the item’s value, strengthening your insurance claim. Keep digital photos of paper receipts, as they could easily get lost or become hard to read and save email receipts.

Step 6: Make regular updates

Your home inventory should be regularly updated with new purchases, and removing any items that you no longer own. Some values can also change over time, so you must regularly review this and adjust if necessary. Continuously maintaining and updating your home inventory will ensure that it’s as accurate as possible should the time come when you need to make either a standard or high-value home insurance claim.

Step 7: Store your inventory safely

However you choose to document your home inventory, storing it in a secure location is essential. Digital copies should be protected with two-factor authentication and strong passwords wherever possible. If you have physical copies, storing them in a fire and flood- proof safe or secure off-site location is recommended.

Home Inventory Tips

Document all items

Remember to log items you may regularly take out of your home, carry in your car or keep on your person.

Take the ultimate home video

Adding visual evidence to your inventory adds an additional level of diligence. Take clear videos and photos of every item, zooming in on any distinctive features, serial numbers or damage. This will enable the items to be accurately valued and even potentially recovered. Walk through each room, filming your belongings and providing descriptions on camera.

Use digital storage

If the only copy of your inventory is saved to your laptop or phone and it gets stolen, you’ve lost it. A digital platform such as Google Drive enables you (or anyone you give permission to) to access the inventory from anywhere with a username and password.

Get advice on expensive items

If you have valuable items in your home, such as a fine art collection, expensive jewellery or electronics, talk to Stanhope about high-value home insurance to ensure that you’re adequately covered and to find out how much it costs to insure a high- value home. Don’t forget, when making expensive purchases, keep all your receipts.

High Value Home Insurance Cover with Stanhope

At Stanhope, we’ve built strong relationships with many High, Ultra-High, Specialist Home, Stand-Alone, and Mid-net-worth insurance providers over the last 18 years. As a result, we currently deliver up to 30 different insurance products that help to safeguard your luxury home. Rest assured, we’ll have a competitive product option for your high-value home insurance needs.

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Sources

https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice/datasets/policeforceareadatatables
https://www.crossagency.com/personal-insurance/home-insurance/
https://www.which.co.uk/money/tax/income-tax/tax-on-property-and-rental-income/allowable-expenses-and-allowances-aKT7h4c8jJta
https://matlockstorage.co.uk/the-best-home-inventory-apps/
https://www.naj.co.uk/advice/valuations-insurance

Written by Matthew Ashton

I started working in the insurance industry in 2004. Four years later, I left to focus on theological studies, working as a youth worker and then as a ministry director in Seattle, USA. When returning to the UK, I had an opportunity to work for the late Andrew Marchington. I joined his firm as a sales advisor when it had around ten staff members. Within three years, I was Head of Ops with a staff team of over 30 people. After a chance encounter in 2019 with Rachel Living and Will Cooper, I co-started Stanhope to build a high-value home, luxury watch, and jewellery broker synonymous with trust. I love being with Donna, my wife, and four kids when not working, cramming in the odd row, or run when I can. I am fortunate to love what I do and consider it a blessing to grow the Stanhope brand.

Matthew Ashton

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