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How do I take a home
inventory and why?
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Would you be
able to remember
all the
possessions
you’ve
accumulated over
the years if
they were
destroyed by a
fire? Having an
up-to-date home
inventory will
help you get
your insurance
claim settled
faster, verify
losses for your
income tax
return and help
you purchase the
correct amount
of insurance.
Start by making
a list of your
possessions,
describing each
item and noting
where you bought
it and its make
and model. Clip
to your list any
sales receipts,
purchase
contracts, and
appraisals you
have. For
clothing, count
the items you
own by category
-- pants, coats,
shoes, for
example –-
making notes
about those that
are especially
valuable. For
major appliance
and electronic
equipment,
record their
serial numbers
usually found on
the back or
bottom.
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- Don't
be put off!
If you are
just setting
up a
household,
starting an
inventory
list can be
relatively
simple. If
you’ve been
living in
the same
house for
many years,
however, the
task of
creating a
list can be
daunting.
Still, it’s
better to
have an
incomplete
inventory
than nothing
at all.
Start with
recent
purchases
and then try
to remember
what you can
about older
possessions.
- Big
ticket items
Valuable
items like
jewelry, art
work and
collectibles
may have
increased in
value since
you received
them. Check
with your
agent to
make sure
that you
have
adequate
insurance
for these
items. They
may need to
be insured
separately.
- Take
a picture
Besides the
list, you
can take
pictures of
rooms and
important
individual
items. On
the back of
the photos,
note what is
shown and
where you
bought it or
the make.
Don’t forget
things that
are in
closets or
drawers.
-
Videotape it
Walk through
your house
or apartment
videotaping
and
describing
the
contents. Or
do the same
thing using
a tape
recorder.
- Use a
personal
computer
Use your PC
to make your
inventory
list.
Personal
finance
software
packages
often
include a
homeowners
room-by-room
inventory
program.
-
Storing the
list, photos
and tapes
Regardless
of how you
do it
(written
list, floppy
disk,
photos,
videotape or
audio tape),
keep your
inventory
along with
receipts in
your safe
deposit box
or at a
friend's or
relative's
home. That
way you’ll
be sure to
have
something to
give your
insurance
representative
if your home
is damaged.
When you
make a
significant
purchase,
add the
information
to your
inventory
while the
details are
fresh in
your mind.
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Information
Institute, Inc.
- ALL RIGHTS
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