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Keep Track of What You Own With a Home Inventory
July 28, 2008 03:26:40 PM
Keck Insurance Agency in Temecula understands how hard losing everything could be, so we wanted to share with you some advice on making sure everything of value is recorded.
If you suddenly experience a catastrophic incident where all of your possessions were destroyed, would you be able to remember everything you’ve accumulated over the years? Like most people, your answer is probably “no.” That’s why having an up-to-date home inventory is so important. It can help you settle your insurance claim faster, because it represents an accurate and immediate accounting of what you lost. A home inventory can also be used to determine if you have enough insurance to replace the items you own, as well as verify losses for your income tax return.
To help you create an accurate home inventory, Keck Insurance Agency in Temecula offers you the following suggestions:
Use your wedding registries to document new possession if you have just been married.
Update your inventory regularly, adding new items when you buy them. Be sure to keep receipts and take photos.
Take close-up shots of expensive items such as jewelry, fine art, stamp collections, china, furs, antiques and silver. Items such as artwork, antiques, and collectibles might increase in value over time. They could require appraisals for authentication and value.
Don’t forget to inventory the contents of closets, drawers, the basement, the garage, and out buildings.
Include toys and CDs in your inventory.
Copy the inventory onto a disk/CD and store it off-premises in a safety deposit box or at a friend or relative’s house.
Be sure to delete items from your inventory when they are no longer in your possession.
Update your inventory every few years, when you move, or when you make a major home improvement.
Home inventory software is available that allows you to add digital photographs of your items. If you only own a film camera, you can scan print photographs or have the film developer save the images to a disk. The software also allows you to scan in copies of your receipts.
Another way to create an inventory is with a video camera. Walk through your house or apartment videotaping the contents and describing the items as you go, including information like the make and model of home electronics and appliances, or the type of upholstery fabrics used for expensive furniture. You can do the same task using a tape recorder; however, be sure to have detailed photographs that serve as a back up to the verbal descriptions.
A third way to create a home inventory is to use a personal finance software package. These often include homeowners room-by-room inventory program.
Keck Insurance Agency in Temecula hopes that these tips will help you to develop a home inventory. If you do not have homeowners insurance or would like a better rate please feel free to give us a call for a fast free quote.
