What is in your home is very important to keep track of. Not only for insurance purposes but also for being able to keep track of what you put in each room and potentially who gave it to you.
New insurances require you to have an inventory of the items you have if you are carrying replacement cost insurance. By taking inventory of your home, you can maximize your insurance benefits, facility theft recovery, aid to moving and storage, enhance your estate planning, and create peace of mind.
There are different approaches to making your list. You can write everything down in a notebook, for example. Or you can take pictures, writing information on the back of the photos or putting information on your computer. If you have a video camera, you can walk through your house filming and describing the contents at the same time. If you have a a personal computer, you can download free software that makes creating and keeping a home inventory easy at www.KnowYourStuff.org.
Keep receipts when they are available and note the cost for the item, when you bought it and information about the make and model.
Expensive items like jewelry and art work may need to be insured separately. Ask your insurance agent whether you need a floater for your homeowners policy.
A notebook listing inventory by item, description, when/where bought, make/model numberStore a copy of your inventory in a safe place outside of your home—with a friend or in a safe deposit box. (If your inventory is electronic, store it on a disk.) That way you’ll be sure to have something to give your insurance representative if your home is damaged. Also, whenever you make a significant purchase, remember to add the information to your inventory while the details are fresh in your mind.
Don’t forget as you receive more in your home to update your inventory.
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