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A guide to creating your first home inventory
Would you be able to remember everything you owned if your home was destroyed? Chances are you’ll remember big stuff like furniture and kitchen countertops — but it’s easy to forget smaller items, like appliances and cutlery, or things you don’t use very often, like your Christmas decorations. This is where a home inventory comes in handy.
Why home inventories help with insurance claims
Referring to a home inventory will help you make a claim if an insured event damages or destroys your house. It can also help you prove the value of certain items.
Properly valuing your items is a great way of knowing whether you’re underinsured. You want to be sure your sum insured will cover your home and belongings if catastrophe strikes. Unsure how to calculate how much insurance you need? Try our Home Contents calculator to estimate the sum insured you require.
AAMI also provides a range of different Home Insurance options to fit a variety of different lifestyles and demographics. We provide new for old replacement too! So, if you need to replace an item, we’ll help you do so with a brand new one of the same type, standard and specification (or as close as we can find).
What is a home inventory?
It’s simply a list of personal belongings you keep in your home. It can be as simple as just jotting down everything you own sans details, or in-depth enough to include the following info for each item:
- date of purchase,
- make, model or serial number,
- place of purchase,
- estimated cost of replacement,
- receipts and
These are just ideas. A simple list of what you own is better than nothing!
How to create a home inventory
You can categorise your home inventory how you like. You can do it by room, type of item, collection, etc.
Though, it’s important to note that there may be limits on what you can claim for a collection as a whole. For example, a collection of memorabilia — think stamps or coins — typically has a limit of $5000 per collection, unless you choose to specify the full amount. For more info on limits, read our PDS.
Pay attention to high-value items
If you have designer watches and jewellery, or family heirlooms lying around, you should get an appraisal report for them. This means getting an expert to verify the item’s value.
If you have a special item valued over $2000, specify it. If we agree to cover it, we’ll cover it for the full specified value listed on your policy — usually for an additional premium amount. But be careful not to misplace it when you’re out and about! You’ll need to add Portable Valuables as an Optional Cover if you want to cover accidental loss or damage away from home.
Apps can help!
AAMI customers can take advantage of the DigitalSafe feature on the Suncorp App — another little privilege of being part of the Suncorp Network. You’ll easily be able to upload and organise pics, docs and other details in-app.
Plain ol’ phone pics will do if you don’t have alternatives, but a solid home inventory typically features photos:
- taken with a colour or digital camera
- labelled with dates, and
- that include the price and purchase date of the item (on a card placed next to it).
Store your inventory safely
If you’ve just created your first home inventory — congrats! But you’re not done just yet. Don’t forget about safe storage!
Make several copies and keep them in secure locations. We recommend having one physical copy in your home and digital copies on your devices. You may also want to send another copy to a trusted friend or family member to be extra safe.
Insurance is issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI. Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Disclosure Statement before you make any decision regarding this product. The Target Market Determination is also available.