Don’t Wait for a Hurricane to Do Your Home Inventory!
Would you be able to remember all the possessions you ve accumulated over the years if they were destroyed in a fire, flood or HURRICANE!? You can barely remember what you had for breakfast this morning. 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. It shouldn t take you very long at first… TV, clock radio, clothes, and your goldfish!
- Don t put it 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 may seem overwhelming. 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 in closets or drawers.
- Videotape it
Walk through your house or apartment videotaping and describing the contents.
- 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, CD, 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.
Joe Kahler is recognized as an expert on helping young adults successfully transition from home to being “out on their own”. His latest work has recently been assembled in his book, Out On My Own… Now What? Tips and Insights So You Won t Be Left Hanging in the “Real World”!
Joe received his undergraduate degree from Whittier College in Social Sciences and his Masters in Education from Arizona State University. His experience includes teaching, coaching, running numerous businesses, investing, selling insurance and real estate AND attending numerous personal, “hard knocks” training classes!
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