The most common mistake in a self-made inventory is pricing everything at what it would fetch at a yard sale. That number is real, but it is the wrong number for this purpose, and it can cost thousands on a claim.
Three different "values" that are easy to confuse
| Basis | What it means | Where it is used |
|---|---|---|
| Replacement cost | Price of a comparable new item today | Insurance settlements on RCV policies |
| Actual cash value | Replacement cost minus depreciation | Insurance settlements on ACV policies |
| Fair market value | What a buyer would pay for the used item | Estate, tax, donation, resale |
Your inventory should record replacement cost plus the original price and date. The insurer applies depreciation itself if your policy calls for it — see ACV vs RCV. If you pre-depreciate the numbers yourself, you are effectively volunteering a discount.
How to price each category
Electronics. Find the current equivalent, not the same model. A 2019 65-inch television is replaced by a current 65-inch of similar tier. Model-year matching is impossible and unnecessary.
Furniture. Price a comparable piece from a retailer at the same quality level. Do not confuse a solid oak table with a veneered one; the price gap is the whole point.
Appliances. Manufacturer sites and major retailers list current models; match capacity and feature tier rather than model number.
Tools. Retail price of the current equivalent, and remember that a collection of hand tools accumulated over twenty years costs a startling amount to reassemble at once.
Clothing. Price by category at the tier you actually buy — not designer, not discount, whichever is true for you. Batch by category.
Jewelry, art, collectibles. These need an appraisal rather than an estimate, because value depends on materials, maker and provenance. See scheduled personal property.
Where to look up prices
- Manufacturer and major retailer sites for anything currently sold.
- Completed listings on marketplaces for discontinued items — useful for the existence of a market price, less useful as the insurance basis.
- Specialist dealers for instruments, cameras and tools.
- Your own purchase records, which anchor the original price and date.
Record the source and the date of your estimate in a note field. Two years later, "checked Home Depot, March 2026" is far more persuasive than a bare number.
Round numbers look like guesses
$3,000 reads as an estimate. $3,248.19 reads as a receipt. Where you have the real figure, use it in full, including tax. Where you are genuinely estimating, say so in the record rather than dressing an estimate up as a fact — an inventory that distinguishes documented figures from estimates is more credible, not less.
Keep the totals honest
When the household total lands well above what you expected, that is the useful output of the exercise: it is the number to compare against your policy limit, as covered in how much personal property coverage you need. Most people who complete a full inventory discover they are carrying less coverage than the contents warrant — that discovery is worth more than the inventory itself.