How to Make a Home Inventory
(taken from the website
www.mygreathome.com)
If
your home was damaged by fire or a burglar made off with your valuables, would
you remember the details of your possessions? If asked, could you recall your
TV's screen size and brand name? How about your camera or video camera? Do you
remember when and where you bought these items and how much they cost?
If
your belongings are stolen or destroyed, your insurance company will ask you to
provide a record of them. Without an inventory, important details are sure to
escape you. Add the trauma and stress a major loss can cause, and inevitably,
you'll forget items. Save yourself time, money and frustration by planning ahead
and completing a personal property inventory.
How
an Inventory Can Help You.
If
a disaster strikes, a personal property inventory will help you:
- Provide your insurance
company with a complete list of your household goods and personal belongings so
you're sure to receive compensation for everything your policy covers.
- Promptly file
a complete claim that can be settled quickly and accurately.
- Confirm
that you have adequate coverage for your belongings.
- Determine
which items were stolen and identify recovered property after a burglary.
- Provide
a record of serial and model numbers for easy identification of your items.
- Provide
a receipt from the original place of purchase.
- Verify
any parts of your loss that you may write off on your federal income taxes.
A
Complete Inventory Contains:
-
A listing of all your items with pertinent facts
-
Receipts for your most valuable objects
-
A videotape or photographs of your home and contents
-
Current appraisals
It's
Easy to Get Started
Prepare
your inventory by hand or on a computer. Several software packages are available
just for this purpose, or design your own form with a spreadsheet program. Keep
in mind, a computerized inventory is easy to update and store.
If
you design your own form, include columns for the name and description of each
item, the quantity, model and serial number, purchase date, where you bought it,
original cost and estimated current value. You may want to add a column to indicate
if you have a receipt or photo of the article.
Cover
One Room at a Time.
One
way to complete your inventory is to tackle a different room of your home each
week until everything's listed. Record your high-valued items, such as jewelry,
silverware, special collections, antiques, paintings and artwork.
Then
list furniture, carpeting, electronics like TVs, stereo equipment and computers.
Remember clothing, draperies, wall hangings, rugs, CDs, tapes, pots and pans,
linens, tools, lamps and appliances that weren't included in the purchase of your
home.
Open drawers,
cupboards and closets, and record what's inside. Open toolboxes, china cabinets
and storage bins and include their contents.
Use
a Camera or Video Camera.
Supplement
your inventory with photos or a videotape of your belongings. These will provide
further proof of ownership and add detail to your written descriptions. They also
help document each item's condition and size.
Videotape
or take wide-angle photos of entire rooms, which will help show the magnitude
of a loss. If you use a video camera, you can record audio descriptions and make
special comments. Take individual, close-up shots of expensive items and group
shots of lower-value items. Zoom in on labels and special features, like signatures
on artwork or serial numbers on appliances and electronics. Be sure to date each
photo or use the date imprint function on your video camera.
When
you inventory outdoor items, include bicycles, sporting goods, yard equipment
and any other articles kept outside. While you're outside, it's also a good idea
to photograph each side of your home's exterior. Include your carport and other
structures like a storage shed. Capture rare trees or shrubs and unusual landscaping.
These things aren't considered personal property, but it will be helpful to have
a record of their appearance in case of a loss.
After
You've Completed Your Inventory.
Once
you've completed your inventory, copy everything, including lists, appraisals,
receipts, videotapes, disks and computer printouts, and have an extra set of photos
developed. Store one inventory packet off premises. A safe deposit box is the
most secure location, or ask a friend or relative to keep a copy.
Be
sure to update your inventory packet every four to six months. In the meantime,
save receipts for any new items you'll need to add. If you make a major purchase,
update your inventory as soon as possible. And remember to delete items you no
longer have.
Is
Your Insurance What You Want?
Too
many people find out after a loss that they should have increased their coverage
amounts or purchased replacement cost coverage. Use your inventory to help you
avoid this common mistake.
Add
up all of your current estimated values to find out how much it will cost to replace
everything, then compare this figure with your policy's personal property limit.
This will be a good indicator of whether or not you need to increase your coverage.
Special
Limits on High-Value Items.
Insurance
policies place special limits on valuable personal property, such as jewelry,
silverware, artwork, tools, special collections like stamps and coins, and firearms.
If you own these items, check the limits in your policy. If they're not high enough,
you may need to purchase a scheduled personal property endorsement. This is an
addition to your policy that will increase your insurance limits on these items.
It's
a good idea to have valuable items appraised on a regular basis and to keep your
appraisals with your inventory.
