Introducing Inventory Audits: Know What You Own, What It's Worth, and Where It Is

There's a particular kind of dread that hits when you open your insurance renewal notice and see the question: "Has the value of your contents changed?"

You glance around your living room. The new TV. That espresso machine you splurged on. The vintage record player your aunt left you. A couple of power tools in the garage. Some jewelry. That gaming console.

Your policy says $50,000. Is that still right? Higher? Lower? Honestly, who knows?

We built Inventory Audits because we've all been there. And because guessing isn't good enough when it actually matters.

The Problem with "I'll Get to It Someday"

Here's what usually happens with home inventories: You set one up with great intentions, add a bunch of items, and then... life takes over. Six months later, you've acquired new things, moved stuff around, maybe lent your camping gear to a friend who definitely still has it (right?).

Your inventory slowly drifts out of sync with reality. And the whole point of having one—knowing what you have, where it is, and what it's worth—gradually erodes.

Insurance companies recommend reviewing your contents annually. Estate planners suggest even more frequently. But who actually does that? The task feels overwhelming, so it gets pushed to next weekend, next month, next year.

Inventory Audits changes that by giving you a structured, manageable way to verify everything you own.

Two Types of Audits for Two Different Questions

When we designed this feature, we realized people actually need to answer two distinct questions:

Question 1: "Is everything where it should be?"

This is the Status Audit. You're walking through your inventory item by item, confirming that things are present, haven't been damaged, and are in the location you expect. It's perfect for:

• Annual household checks
• Verifying items after a move
• Confirming nothing went missing from storage
• Checking on items you've lent out

For each item, you simply mark its status: Present, Checked Out, Missing, Damaged, or Needs Repair. Add notes for anything that needs follow-up. Flag items that require attention later.

Question 2: "Is my coverage adequate?"

This is the Valuation Audit—and it's where the insurance magic happens. Instead of verifying physical status, you're reviewing and confirming the value of each item and tracking whether you have supporting documentation.

For each item, you can:

• Confirm or update the estimated value
• Track whether you have a receipt or proof of purchase
• Note if you have photos documenting the item
• Record whether high-value items have professional appraisals

At the end, you get a complete picture: total portfolio value, how many items have proper documentation, and what still needs attention.

Scope It Your Way

Not everything needs reviewing every time. Maybe you want to audit just your high-value items before insurance renewal. Or verify everything in the garage after your teenager "borrowed" a few tools. Or check only items above $500.

Audits let you define exactly what you want to review:

• All items — The full sweep
• Specific locations — Just the garage, the storage unit, or the guest room closet
• Items by status — Focus on things currently checked out to see if they've come home
• Items above a value threshold — Review only what your insurance company actually cares about

You set the scope, and Squared Away pulls exactly those items into a focused review workflow.

One Item at a Time (Without the Overwhelm)

Here's the thing about auditing hundreds of items: if you try to do it all at once in a giant list, you'll burn out before you're halfway through.

Our audit workflow shows you one item at a time. You see the photo, the current location, the relevant details. Make your decision. Move to the next. A progress bar shows how far you've come and how much remains.

Need to stop? No problem. The audit saves your progress. Come back tomorrow, next week, whenever. Pick up exactly where you left off.

And if you can't verify something right now—maybe it's in an off-site storage unit you're not visiting today—just skip it. Deal with it when you can.

Results That Actually Help

When you complete an audit, you get a summary that's useful rather than just informational:

For Status Audits:

• Total items reviewed
• Breakdown by status (how many present, missing, damaged, etc.)
• List of flagged items needing follow-up
• Quick filters to see only the problems

For Valuation Audits:

• Total portfolio value
• Number of items with proper documentation
• Items still needing receipts, photos, or appraisals
• History of value changes

You can filter the results to see all items, just the ones with issues, or specifically the items you flagged for follow-up.

Insurance-Ready, Finally

Let's talk about why this matters for your coverage.

Most people are underinsured. Studies consistently show that about three-quarters of homeowners don't have adequate contents coverage—and they usually don't find out until they're filing a claim after a fire, flood, or burglary.

The reasons are predictable: People underestimate how much their stuff is worth. They forget about things in storage. They don't account for new purchases. They don't adjust for inflation or appreciation.

Valuation Audits solve this by giving you:

1. An accurate total value — No more guessing whether $50,000 is enough
2. Documentation tracking — Know exactly which items have receipts, photos, and appraisals
3. A clear to-do list — See at a glance what still needs documentation
4. A defensible record — When you need to file a claim, you have evidence

That vintage watch you inherited? You'll know its appraised value and that you photographed it from multiple angles. The power tools in the garage? You'll have the receipts. The art on your walls? Documented.

Building a Habit That Actually Sticks

The best system is one you'll actually use. Audits are designed to be:

Repeatable — Like an audit scope? Use it again next quarter or next year.

Incremental — Do a little at a time. Five minutes here, ten minutes there.

Focused — Don't audit everything when you only need to check high-value items.

Progress-aware — See your completion percentage and feel the momentum.

Set a reminder for your insurance renewal month. Run a valuation audit. Update your coverage if needed. Feel confident you're actually protected.

Getting Started

Audits are available now in the Tools section of Squared Away. Here's the simple path:

1. Tap the menu and select Audits
2. Create a new audit—give it a name and description
3. Choose your type (Status or Valuation)
4. Set your scope (all items, specific locations, value threshold, etc.)
5. Start reviewing items one by one
6. Complete the audit and review your results

For your first audit, we'd suggest a Valuation Audit focused on items above $100 or $250. It's a manageable scope that covers the things that matter most for insurance purposes, and you'll immediately see how much documentation you're missing.

The Peace of Mind Part

There's something genuinely reassuring about knowing—not guessing—what you own and what it's worth. About having a system that keeps your inventory accurate over time rather than letting it decay.

When the insurance renewal arrives, you won't feel that familiar dread. You'll know. And if something actually goes wrong—a break-in, a fire, a flood—you'll have documentation ready instead of scrambling to remember everything you lost.

That's what Inventory Audits delivers: the confidence that comes from actually being prepared.