Taking Inventory of Your Home
No one plans to lose their valuables
and other belongings in a burglary, a fire or a natural disaster. If
one of these unfortunate events destroyed your home, would you be
able to report exactly what you lost to the police, to the Internal
Revenue Service or to your independent insurance agent?
It's easier to do an inventory of your home now rather than sitting
down afterward and attempting to remember a lifetime worth of
purchases.
Start Today
Write down any valuable items with
their serial numbers (usually found on the bottom or back of major
appliances) along with the method of acquisition (purchased,
inherited or received as a gift), date purchased and price or
approximate value. Attach receipts, if possible.
Remember to include furniture,
appliances, carpeting, jewelry, artwork, toys and the contents of
your closets, cabinets and drawers. Contact your independent
insurance agent with questions or concerns.
Play It Safe With A Videotape
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 assets as well as their value.
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 and send a copy to a
friend or relative.
Don't Forget
Important Documents
Extremely important documents should
be photocopied. Keep one copy in your home and the original, where
possible, in a safe-deposit box. Important items include, but are
not limited to, the following:
-
House
- Escrow, title, deed, insurance policy.
-
Personal
- Birth certificates, medical history, passports, insurance
certificates, credit card numbers, will.
-
Automobile
-
Certificates of ownership, finance contracts, registrations,
insurance policy, driver's licenses.
-
Finance
- Account numbers for checking and savings accounts, CDs,
stocks, bonds, other significant investments.
-
Tax
- Copies of the first two pages of your state and federal
returns for the past five years. Complete returns with
appropriate receipts and canceled checks should be kept in a
separate file box.
A Final Note
Most policies limit the amount of
reimbursement for theft of valuable items, such as jewelry, furs,
silverware and guns. If you have some particularly valuable items in
these categories, you may need to purchase additional coverage
called a "floater." These types of policies cover each item
individually and are usually quite inexpensive.
This information will only be
beneficial if you make use of it now. By inventorying your personal
possessions ahead of time, you will save yourself from frustration
should disaster strike. Your independent insurance agent can help
you determine whether your property
