Abstract: A method of operating a home inventory and insurance system includes providing a processor, providing a home inventory database coupled to the processor, and providing an insurance database coupled to the processor. The method also includes receiving data related to an item purchased by a user, determining, using the processor and the insurance database, a policy cap for an insurance policy associated with the user, and determining, using the processor and the insurance database, that adding the item to the insurance policy will result in a value of items covered by the insurance policy exceeding the policy cap by a predetermined amount. The method further includes providing, using the processor, an insurance quote for an updated insurance policy having a new policy cap greater than or equal to the policy cap plus the predetermined amount.

Abstract: Information may be received regarding items purchased or otherwise acquired by a user, and the items may be added to an electronic home inventory maintained by an institution system and the items may be added to an insurance policy issued by the institution system. The institution system may receive information about an item from the merchant who sold the item, an appraiser, the user, from a barcode that is provided on the receipt associated with the purchase, by a barcode generated by the user (e.g., using data from the receipt and other information from the user), and/or via data from a financial card transaction directed to the purchase. The user may be provided with a listing of the items, and can select which items are to be included in the home inventory and which items are to be added to an insurance policy.