The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
Sure, most of us have insurance. But how many have a full home inventory? Without one, if you lose it all, it’s highly unlikely you’ll remember everything you own. Which means you won’t get what you could from your insurance company.
You’d think that because that’s the case, everyone with insurance would have an inventory. But you’d be wrong.
Property-loss consultant Rich Connette says he’s never met a homeowner who knew exactly what they owned.
Here’s how to create an inventory of your home:
Even scribbling on a napkin or taking a few snapshots is better than nothing. But there are easier options, including programs for recording and managing your inventory. Many are free. Here are a few:
Whatever your solution, remember you can’t store your inventory only on your computer’s hard drive because it could be destroyed in a disaster. Print copies or copy your inventory to a digital storage device and stow it in a fireproof safe or in a safe deposit box. Or swap lists with family and friends.
Another option: Save your inventory to the Cloud so you can access it anywhere. Do this by emailing it to yourself as an attachment or storing it at Google Docs.
Or use free Cloud storage. Network World lists 19 sources for free online storage, including:
(Note: Hive’s unlimited free storage plan has been discontinued.)
Start your list in one place; it’s easy to accidentally skip over things if you go category by category (electronics, furniture, etc.) Write down the name of every object you own, although you can group items of the same kind where it would be particularly tedious to list them individually (like kitchen utensils or books). Make notes on condition, model and estimated value. Keep receipts if you have them.
Use a digital camera or smartphone to photograph your property as another way to document its condition. (Don’t forget to list the camera or phone, too.) Also, walk around making a brief video of each room while narrating what it is and what it’s worth. Remember to open closets and drawers to show everything, and don’t forget to record storage and utility areas like the basement, laundry room and tool shed.
Replacing records, financial and legal documents, and identification can be a major hassle. Read “How to Replace Lost, Stolen or Destroyed Personal Paperwork” for advice on preserving or recovering this stuff.
Big-ticket items like jewelry, collectibles and high-end electronics may require separate insurance, and you may want a separate section on the list for them. If you’re especially thorough anywhere, it should be here. Try to include make, model, serial number, purchase date and location, and multiple photographs. Rule of thumb? The more you paid, the more you document.
What would you add to this to-do list? Share in comments below.
Marilyn Lewis contributed to this post.
This post originally appeared on Money Talks News.
More from Money Talks News:
Image:
September 13, 2021
Uncategorized
August 4, 2021
Uncategorized
January 28, 2021
Uncategorized