Life is unpredictable. It pays to know your stuff.

Home insurance is important for both homeowners and renters. Homeowners need to purchase insurance to protect their homes and personal property. Those who rent need insurance to protect their furniture and personal property. Everyone needs protection against liability for accidents that injure other people or damage their property.

Whether you live in tornado alley, wildfire zones or along coastlines prone to flooding and hurricanes – now is the time to properly insure your home and possessions.

In recent years severe weather disasters across the country have inflicted more than $43 billion in damage. But research suggests more than half of consumers do not have an inventory of their possessions. Now is the time to make sure you have properly insured your 'stuff.'

Creating a simple home inventory helps you track what you own and what it is worth, making important insurance decisions easier.

How to create a home inventory

• Group your possessions into logical categories, i.e., by hobby, by room in your home, etc.

  
  

• Your list should include celebration purchases like jewelry and art, as well as everyday leisure items such as televisions and guitars.

  
  

• Don't forget items you use rarely such as holiday decorations, sports equipment, tools, etc.

  
  

• Pull together copies of original sales receipts and/or appraisal documents. Also note model and serial numbers.

  
  

• Carefully photograph or videotape each item and document a brief description, including age, purchase price and estimated current value. Download a home inventory checklist (PDF).

  
  

• Store your home inventory and related documents in a safe, easily accessible place online, on your computer or in a fire-proof box or safe deposit box. Consider sharing a copy with friends, relatives and your insurance provider.

  
  
  • The NAIC’s free myHOME Scr.APP.book downloadable app lets you quickly photograph and capture descriptions of your possessions room by room, then store your inventory electronically for safekeeping. The app is available for Android devices. Click here to watch the demonstration video.

A home inventory can be invaluable when deciding how much insurance coverage fits your life situation and makes sure you are adequately protected should you need to file a claim.