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Inventory
"Should you ever need to report a household burglary or file an insurance claim ... a household inventory becomes a valuable document."
-- Insurance Information Institute
Why Should You Take an Inventory?
Try this test. From memory, make a list of everything in your living room.
Now -- check on how many items you missed.
No one really expects to lose furniture or other belongings in a fire, a burglary or a tornado. But such events do occur. If disaster struck your home, would you be able to report exactly what you lost to police, the IRS, or to your insurance company? Remember, in each instance, the obligation is yours.
An up-to-date inventory of your household furnishings and personal belongings can help to:
-Determine the value of your belongings.
-Establish the purchase dates and cost of major items in case of a loss.
-Identify exactly what was lost (most people can't recall items accumulated gradually).
-Settle your insurance claim quickly and efficiently.
-Verify losses for potential income tax deductions.
-Determine readily the value of your collection.
Preparing an Inventory
List major items in each room. Note serial numbers, purchase prices, present value and dates of purchase where possible. Attach any available receipts.
Ask your insurance representative to assist you if you have questions or concerns.
Remember -- the more through your inventory, the more valuable it will be in case of loss.
To back up your written inventory, photograph the walls of each room with closet or cabinet doors open. On the back of each picture, write the date, the general location and contents shown.
You may also want to photograph all of your collectibles in color. Group small pieces together and number them. Put a 12 inch ruler in front of the grouping before the photograph is taken so that a reference scale can be established. In the event of a loss, anyone examining the photos for loss evaluation can determine size.
Family photos showing collectibles (silverware, paintings, porcelain, and so on) are also valuable in determining ownership and authenticity.
A number of persons with large collections are now videotaping their entire home.
Whatever method you select, be sure that you store a copy of your inventory and photographs in a safe place away from home.
Keep a copy of the inventory and negatives of the photographs at home so that you can update your inventory from time to time.
(Reference: Marsh and McClellan Insurance Company)