Household Inventory:  A household inventory is an itemized list of your personal belongings. It provides a method of knowing exactly what personal property you own. An accurate household inventory is a necessity whether you are a homeowner or a renter. 

It gives a record of your personal belongings for insurance purposes, an approximation of the value of items owned to determine needed insurance coverage and for use in your personal net worth statement, and it is useful in planning replacements of furnishings and equipment. The inventory can also be used when planning the distribution of your estate. In case of a loss due to burglary, vandalism, or an insured peril, your insurance company requires a listing of all items lost or destroyed. To reconstruct a list of belongings from memory is often difficult because it is easy to overlook items hidden away, as well as those you use on a regular basis.