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How Much Do You Really Own?

A quick inventory of your personal property can reveal the magnitude of what you’re risking if you don’t insure it.

Couple sitting in front of a couch reviewing documents

You Might Own More Than You Think

It’s easy to underestimate or simply not realize just how much the combined value of all our property is worth. After all, most of us acquire our possessions bit-by-bit and piece-by-piece over time, so there’s not one obvious price tag for it.

Still, it’s not uncommon for even a modest-sized rental house or apartment to contain several thousand dollars’ worth of possessions. Think about your own situation in the following categories and how much it would cost to replace all your things.

Furniture $
Television(s)/electronics $
Appliances $
Kitchen drawer and cabinet items $
Office equipment $
Sports equipment $
Clothing $
Tools $
Artwork, rugs, and window treatments $
Jewelry $

In addition to this quick exercise, it’s also a good idea to record a detailed inventory of everything you own, just in case you should ever need to file a claim. A cloud-based spreadsheet can be a good way to do this, as can cloud-stored photos or videos. Though it may take a little time to record everything, it can be well worth the effort if you ever need to file a claim. And while you’re at it, be sure to include any unique and hard-to-replace items you might have purchased if you were ever stationed overseas.

Key Takeaway: Keep a detailed inventory of everything you own in case you ever need to file a claim. Cloud-based is a smart strategy.