Updating your home owner insurance involves three tasks:

Inventory. Make a room-by-room inventory of everything in your house or office building. In the event of fire, flood, or other disaster, the inventory list will be important in filing an insurance claim. Photographs or a video tape of your possessions can also be helpful.

Schedule expensive items. Many property insurance policies allow you to submit a list (i.e., a "schedule") of expensive property items, which may be treated differently than other property items in the event of a claim. This list should be updated to reflect your current possessions.

Optimize coverages. Over time your property may change or the type of coverage offered by your insurance company may change. As such, it is important to review your coverages with your insurance company from time to time, to see if your coverage needs to be better matched to your current situation.

Shop around for rates. Insurance costs can vary significantly. It may be helpful to shop around for better rates, coverages, and service.