An inventory is especially important for insurance purposes. When you make an insurance claim for damaged, lost, or stolen property, your insurance policy will require you to show the quantity, description, and possibly the amount of loss associated with each item. You may also be asked to provide copies of bills, receipts, or other documentation to support your figures. If you omit some items or fail to include an adequate description of others, you may receive less than full compensation for your losses. Relying solely on your memory can be an expensive mistake.
Receive insurance settlements faster because you will be able to identify what was lost.
Most people can’t recall every item accumulated over the years after a loss.
A detailed inventory can help verify losses for income tax deductions.
A line listing or picture inventory can be used to supplement legal documentation or information.
Keep track of lost or damaged items.