In the event of burglary, fire or other disaster (e.g., tornadoes, flooding), you may not remember all of your possessions. To help streamline your insurance claim process and verify losses for your tax returns and re-purchase of lost/damaged items, you need to create a comprehensive home inventory. The following tips will be helpful.
- Document your belongings.
- Begin by cataloging your possessions in terms of their values, time of their purchases and serial numbers (Usually found on the back or bottom of major appliances and electronic equipment) if applicable.
- While you’re making your home inventory list, check with your agent to make sure you have adequate insurance for big ticket items such as Jewelry, art and collectibles before there is a loss.
- Consider using the mobile apps (e.g., AAA.com/homeinventory, the Insurance Information Institute’s Know Your Stuff home inventory app – https://knowyourstufforg.wordpress.com/ or others – https://www.denverpost.com/2017/06/27/free-know-your-stuff-home-inventory-app-ending/ to manage your home inventory.
- Keep copies in a safe place (e.g., safe deposit box, lock box or cloud storage service).
- Store a copy of your paper inventory outside the home (e.g., friend or relative’s home, office).
- Make at least one backup copy of your inventory document and store it separately.
- Make visual recordings (e.g., pictures, video tapes)
- Create a photo record of your belongings. Label your photos with what’s pictured, where you bought it.
- Walk through your house or apartment videotaping and describing the contents.
- Save your receipts
- Hold on to your sales receipts and store them with the inventory. Scan the receipts and then keep them on an external computer drive or online storage account