Why Should I Make An Inventory of My Belongings?

No one plans to lose their property in a burglary, fire or other disaster. It’s hard enough just to deal with the event, let alone the consequences of the loss. If one of these unfortunate events caused damage to your property, would you be able to make a report listing exactly what you lost to the police, to the IRS or to your insurance company? Like the police and the IRS, many insurance policies require you to provide an inventory of the property involved in the loss. It is far, far easier to do an inventory of your property now rather than sitting down after suffering a loss and attempting to remember a lifetime worth of purchases.

What Can I Do? Record in writing; any items worth replacing along with their serial numbers, the method of acquisition (purchased, inherited or received as a gift), date purchased and price or approximate value. Consider keeping receipts for your more valuable items. Consider including furniture, appliances, electronics, jewelry, artwork, collections, and even the contents of your closets, cabinets and drawers in your list. Contact us with questions or concerns.

Videotaping each room of your house can make taking inventories easier. Photographs and a tape recorder can substitute for a video camera. A complete video inventory should contain verbal descriptions of major items. Remember your garage, attic, basement and the exterior of the house, plus your landscaping and fencing. If possible, make it a family project by having everyone take turns describing the objects in your home. Store the video or photographs along with this inventory in a safe-deposit box, send a copy to a trusted friend or relative or maybe just bury it out in the backyard.

Important documents should be kept, whenever possible, in a fire proof box or a bank safe-deposit box. Contrary to some thinking, you do not need to keep your auto or home insurance policy in the bank safe-deposit box. You rarely (if ever) need to present an auto or home policy to make a claim. Keep your policy at home. You never know when you might want to read it!

Please feel free to contact us to further discuss this important topic.