Tips On Making A Home Inventory

Could you answer these three questions without looking?

1.       Name the brand and model of the television in your living room.

2.       How much did you spend on your computer, and where did you purchase it from?

3.       What is the serial number on your video camera?

Now can you imagine how difficult it would be to come up with this information for all of your belongings while dealing with the stress of a fire, burglary, or natural disaster? You may spend countless hours trying to remember everything you lost in that disaster only to realize that you forgot an important possession after your claim has been processed. You might not even be able to produce the required proof for the claim to be accepted. Save yourself the trouble and do it in advance and follow the advice listed below:

·         Go through your home one room at a time.

·         Make a list of each item in the room, including the contents of desks, drawers, closets, etc.

·         Don’t forget the garage, patio, any outside storage buildings, etc.

·         When making the list you have to record the following information about each item:

1.       Description

2.       Brand/Model

3.       Serial Number

4.       Condition

·         It is also important to record information about the value of each possession. Whether your insurance company pays claims based on "replacement value" or "current value", you’ll need recorded details such as:

1.       Purchase Price of the item

2.       Replacement Cost for the item

3.       Current Value of the item

4.       When & Where the item was purchased

·         Take photos or videotape all of your possessions. Photographs or videotape make great documentation of the existence and condition of the items in your home inventory. There are software programs available that have features that allow you to import your digital photos so you can store the picture with each item listed description and value. These programs also have the ability for you to save your data on a backup disk. It is also an excellent idea to print a copy for safe keeping in a safe-deposit box or with a family member who does not live with you.

·         Now that you have completed your home inventory, review your current home/renters insurance policy. Now you can easily compare your policy amount to the total value of your household items from your inventory.

Making a home inventory shouldn’t be rushed into or rushed through. Don’t be tempted to skip from room to room recording only the "high dollar" items. Even though this would be better than not having a home inventory, you have to keep in mind that the "little items" can really add up too, and in the event of a disaster, these are the items that could be the most difficult to remember.

Make a point to read the OwnerWiz article, “The Importance of Having Renters Insurance”.