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How do I take inventory and why?
Would you be able
to remember all the possessions you’ve accumulated over the years if
they were destroyed by a fire? Having an up-to-date home inventory will
help you get your insurance claim settled faster, verify losses for
your income tax return and help you purchase the correct amount of
insurance.
Start by making a list of your possessions, describing each item and
noting where you bought it and its make and model. Clip to your list
any sales receipts, purchase contracts, and appraisals you have. For
clothing, count the items you own by category -- pants, coats, shoes,
for example –- making notes about those that are especially valuable.
For major appliance and electronic equipment, record their serial
numbers usually found on the back or bottom.
- Don't be put off!
If you are just setting up a household, starting an inventory list can
be relatively simple. If you’ve been living in the same house for many
years, however, the task of creating a list can be daunting. Still,
it’s better to have an incomplete inventory than nothing at all. Start
with recent purchases and then try to remember what you can about older
possessions.
- Big ticket items
Valuable items like jewelry, art work and collectibles may have
increased in value since you received them. Check with your agent to
make sure that you have adequate insurance for these items. They may
need to be insured separately.
- Take a picture
Besides the list, you can take pictures of rooms and important
individual items. On the back of the photos, note what is shown and
where you bought it or the make. Don’t forget things that are in
closets or drawers.
- Videotape it
Walk through your house or apartment videotaping and describing the
contents. Or do the same thing using a tape recorder.
- Use a personal computer
Use your PC to make your inventory list. Personal finance software
packages often include a homeowners room-by-room inventory program.
- Storing the list, photos and
tapes
Regardless of how you do it (written list, floppy disk, photos,
videotape or audio tape), keep your inventory along with receipts in
your safe deposit box or at a friend's or relative's home. That way
you’ll be sure to have something to give your insurance representative
if your home is damaged. When you make a significant purchase, add the
information to your inventory while the details are fresh in your mind.
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