Know your Stuff!
Imagine the nightmare of having your home damaged, destroyed or burglarized. Then, to make matters worse, imagine trying to remember all of its contents for insurance and replacement purposes. Sadly thousands of Americans find themselves in this situation every year. Insurance companies will require proof of loss especially of more expensive items so documentation is imperative. A simple area rug can cost $50 or $5,000 for an expensive import. Guess which one the insurance company thinks you own?
For most of us, the prospect of documenting our possessions seems quite daunting so we procrastinate. It’s a good idea to complete this task soon so I’m here to help.
Attached is a starter guide for building your own inventory or you can visit WWW.KnowYourStuff.org for a FREE online solution for documenting your stuff.
HOME INVENTORY
GETTING STARTED
There are many ways to create a home inventory. It may seem hard at first to record information about everything you have in your house, but don’t let that put you off. First, decide on a way to make an inventory that works for you. You can do it room by room, category by category (furniture, electronics, etc.), from newest items to oldest or from most expensive purchases to less expensive ones.
TAKING INVENTORY
There are different ways to making your list. You can write everything down in a notebook or you can take pictures. If you have a video camera, you can walk through your house filming and describing the contents at the same time. Take close-ups of model/serial numbers of more expensive items. Remember to open drawers and cabinets. Don’t forget more commonplace items such as toys, CD’s and clothing.
In some cases make your list by the room in which they are most likely to be found. In other cases, they can be grouped together by category. For items like books, CDs, sheets or pots and pans, you can make a general estimate of how many you have and their estimated value.
Keep receipts when they are available and note the cost for the item, when you bought it and other information about the make and model. Expensive items like jewelry and art work may need to be insured separately. Ask your insurance agent whether you need a floater for your homeowner’s policy.
STORING INVENTORY
Store a copy of your inventory in a safe place outside of your home—with a friend or in a safe deposit box. (If your inventory is electronic, store it offsite on a cloud storage site like Mozy.com or MyPCbackup.com. Many of these sites offer free storage up to a certain amount.) That way you’ll be sure to have something to give your insurance representative if your home is damaged. Also, whenever you make a significant purchase, remember to add the information to your inventory while the details are fresh in your mind.
BIG TICKET ITEMS
Make note of expensive items, such as jewelry, furs, and collectibles. Valuable items may need separate insurance. If the item has a UPC code on it, photograph it. These days technology allows you to look the item up online.
OTHER OPTIONS
If all of this seems too complicated, you can sign-up to use free online software that makes creating and keeping a home inventory easy at www.KNOWYOURSTUFF.org. This is an insurance industry sponsored website designed to help make inventory keeping easy, you can even share it with your agent or insurance company in the event of a loss. Another option is to hire an accredited professional to do all the work for you.
Courtesy of Linnea Jones – Windermere Real Estate / Northeast, Inc. 425-765-2211
Information adapted from the Insurance Information Institute
