Why Wait to Inventory Your Belongings
Burglars broke in only days after we moved in; they’d timed their take just right. Homes are also ravaged without warning, by earthquakes and fires. We’ve been told to prepare but the words have grown hollow. Besides, we’re very busy.
It’s never too late to do the smart thing to reduce risk and minimize potential loss, by documenting what we have. Why wait until the insurance company delivers a disappointing response to a claim?
Make a list of what you’ve got. It’s simple enough. If you’re more high-tech, use an app, there are many helpful Home Inventory ones. Rather do it yourself? Grab some paper and begin; you can probably do it in a day. Better yet, grab your camera or cell phone and take pictures. That’s easy. Add captions afterward. Go slowly and methodically so you include everything.
Here are 9 Tips to Make it FAST and PAINLESS. (It’s a tiny investment for a whole lot of return.)
1.) Choose how you’ll reward yourselffor having done what you’ve been resisting. Choose something really good.
2.) Ask your homeowner’s insurance rep for their tips for maximum compensation.
3.) Even items used daily have value, include them. Some items can be written off as a loss on your income taxes.
4.) Substantiate value wherever you can. Include receipts, copies, originals, electronic…if they’re missing, record where you remember buying them and at approximately what cost. Use descriptive statements for items when you can.
5.) Organize your information…for example, by type…vehicles, electronics, jewelry, art, collectables, crystal, china, silver, family heirlooms. Or, simply go room by room.
6.) If you’re videotaping, prepare a narrative so the items and comments are synchronized.
7.) Include all appraisal documents. After your record is done, you can always get appraisals on additional items.
8.) Keep your record in a safe place. Consider a cloud-based storage site or perhaps on a flash drive kept in a safe deposit box.
9.) Revisit your coverage to confirm you have the right kind and enough. No doubt, what you have has changed since you last evaluated your coverage.