In the unfortunate event of a major loss, your insurance company will have a great deal of information to process your claim. Once you create a home inventory, this process will be much easier and should be completed more quickly. Otherwise, it might not be able to account for everything, and if you cannot provide the required information, you may receive less than full compensation for their loss. Also, depending on your situation and the tax laws where you live, this information may also be required for a tax credit. And finally, if you file a police report of stolen items, with the model number and serial number to improve your chances of recovering stolen property.