Personal property inventory

No matter where you live, accidents, natural disasters, and break-ins can happen on occasion – oftentimes when you least expect it.

The best way to prepare your household ahead of time for this type of event is to:

1. Understand what to do immediately following the event and
2. Create a personal property inventory

We have already covered point number one on our “What to do after property damage or theft” page which you can find here. But what does it mean to create a ‘personal property inventory’?

Here is everything you need to know.   

What is a ‘Personal Property Inventory’ and Why is it Important?

A personal property inventory is simply a comprehensive list of the items you have in your home, along with their respective values.

Should you ever need to go through the claims process, this list will help you identify any lost or stolen items for your insurer.

Remember, if your property is damaged or broken into, it is up to you to prove what is lost! That’s why personal property inventories are so important. They help you maintain a detailed record so that no items are missed during the claims process.

What Information Should be Included?

When creating your personal property inventory, it’s important to include the following details about your valuables:

• Name, description, and quantity of item
• Serial number
• Model numbers
• Purchase receipts
• Current appraisals

It is also a good idea to include any updated photographs or videos of your items. This will not only help to further prove your ownership of the items, but it will also show their condition.

Creating Your Personal Property Inventory: 3 Practical Tips

1. Record your items room by room

You may be feeling overwhelmed at the thought of documenting all of your household’s possessions. However, remember that this process does not need to happen overnight. You can take some time to build up your list.

One of the best ways to do this is by going room by room. Start in the kitchen and work your way around the house until you have each room covered.  

To help you get started, you can use this free property inventory booklet provided by the Insurance Bureau of Canada.

2. Securely store your list

You may want to consider storing your list in multiple locations, just in case. Some good storage locations are:

• Safety deposit box
• Fire-proof safe

You can also store your list digitally in a secure, cloud-based location. However, make sure that you know where to find it and that nobody else can have access to your list of valuables.

Update your list regularly

It is a good idea to keep your list regularly updated – especially if you purchase a new item that is valuable.

You should also review your list at least once or twice a year to make sure it stays maintained. A good time to do this is around the new year right after the holiday shopping season. Another appropriate time could be during spring cleaning season when you are already taking care of other household tasks.