Definition - What does Household Inventory mean?
A household inventory is a list of important items in a residential property. It includes photos and the price of each item. The loss of an item from the inventory can be reported to the insurer for replacement or refund.
It is also called a home inventory.
Insuranceopedia explains Household Inventory
The traditional way to compile a household inventory is through a written document or a list. However, technology now allows policyholders to make video inventories. The items included in the list must be of value.
A home inventory is very important when reporting a loss to an insurer. It will serve as proof that the lost item was in the insured's possession. For this reason, the household list should be stored in a safe place.
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