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How To Make a Home Inventory
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.
Find
out more!
For more safety information, or a no-obligation
quote, contact your authorized Foremost Insurance agent. For
the name of the authorized agent nearest you, call 1-800-237-6136.
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