Many retail stores conduct an inventory after the holidays, and it's also the perfect time for individuals to take stock of their own possessions.  
 
        A home inventory lists all your personal possessions, as well as their estimated value. Such a compendium can be vital when it comes to emergencies and being adequately insured, reports the Insurance Information Institute, which disseminates insurance information to the public.

        Should your home be damaged in a natural disaster or other emergency, you'll be able to attach a dollar amount to the ruined items. If your home is burglarized, you will have documentation of what went missing. Having a home inventory can also speed your insurance claim and ensure that you have enough coverage to replace your possessions.

    Here are some things you might list:

• Attic/Basement: Storage trunks, luggage, holiday decorations, exercise equipment
• Bathroom: Cosmetics, medicines, scale, towels
• Bedroom: Bed, mattress, jewelry, clocks, paintings, furniture, clothing
• Living room: TV, stereo equipment, CDs, piano
• Home office: Computer, answering machine, files, books
• Laundry room: Clothes washer/dryer, iron, cleaning supplies
• Outside: Patio furniture, grill, decorations
• Garage/Shed: Lawnmower, tools, bicycles
• Dining room/Kitchen: China, silverware, food, kitchen appliances, pots/pans
• Remember to list the relatively little things, like toys, DVDs and books. Though they might not be worth much individually, think about what it would cost you to replace them all!

        Update your home inventory every month or so, but especially after you make a big-ticket purchase, and after holidays and special occasions when you'll be receiving gifts.

        To download free home inventory software from the Insurance Information Institute, visit www.knowyourstuff.org. Instructions on the site will walk you through making your own home inventory.