The property inventory, your insurance ally!

The property inventory, your insurance ally!

Property inventories are an excellent tool for estimating the total value of your property and making home insurance claims. While most people tend to neglect or even forget about them, property inventories can be a real lifesaver.

What is a property inventory?

Property inventories come in a variety of forms, including detailed lists, Excel spreadsheets, and file folders complete with receipts and other important documents, etc.

Creating a property inventory lets you

  • Estimate the value of the property you have accumulated over the years and update your home insurance coverage if needed
  • Understand your needs in terms of coverage, so you can choose the policy that’s right for you
  • Keep a handy record in case you need to make a home insurance claim

The Insurance Bureau of Canada recommends keeping a copy of your property inventory outside the home. They also strongly suggest keeping all related receipts, as well as photographs and video recordings of your belongings. Receipts, warranties, and instruction manuals can all be used as supporting documents in the event you need to make a claim.