Create a Personal Property InventoryIf your possessions are stolen or destroyed,
your insurancecompany will ask you to provide a record of them.
Details will be important at claim timeDo you know the brand name and serial
number of your stereo?
Would you recall off the top of your head when and how much you paid for your digital camera?
Without a list in front of you for reference, the details of your valuables may be forgotten -
which creates more frustration in an already stressful time, and can cost you money in the long run.
That's why it's important to have a personal property inventory created ahead of time -
before an unfortunate incident.
What is a personal property inventory?A personal property inventory is a complete
list of all your household goods and personal belongings. A complete inventory includes
the following information about each item on your inventory list:
can take steps to reduce the stress in the aftermath. A personal property inventory
in place before a claim ensures
that your claim is filed promptly and completely, which means that you'll get it
settled quickly and accurately, and get your life back to normal.
You can also use an inventory to determine if you have adequate coverage for your possessions.
Many people find out after a loss that they were not sufficiently covered, and should have purchased
higher coverage amounts or replacement cost coverage. A good rule of thumb is to add up
how much it would cost to replace your belongings, and then compare it to your policy's personal
property limit. This is an indicator of whether or not you need to purchase additional coverage.
It's also a good idea to check the claim settlement methods on your policy. If you've purchased
replacement cost coverage, your settlement allows you to buy new items to replace the damaged or
stolen ones. If you have actual cash value coverage, you receive what your items are worth
at the time of the loss - taking into account depreciation.
More helpful tipsBe complete with your inventory. An effective way to do an inventory is to
split the areaof your house and take one room at a time. Start outside and take views of
each side of your house,including the landscaping. Make sure to include all items in a
storage shed or garage, like children'sbikes and sporting goods.
Move inside the home and cover one room at a time. You might want to start with artwork or wall
hangings and then move onto the floor. Remember to include all high-valued items like antiques,
collectibles, silverware and jewelry.
Electronics are a key part of any personal property inventory. TVs, stereos and personal
computersshould be included, as well as clothing, CDs, tapes, furniture and items
inside china cabinets and storage bins.
As you videotape each item, it's important that you verbally state when each item was purchased,
its value,any special features and the model and serial number. If you choose to
photograph these items instead of videotaping them, write all pertinent information on
the backs of the pictures.
When the inventory is completeOnce you've completed the inventory, copy everything
including paper lists,videotapes, receipts, computer printouts, appraisals and photos.
Store one set in a secure place in your home,and store the other off the premises in a
safe deposit box or with a friend or relative.Update your inventory every four to
six months to ensure that the information is accurate and reflects all
items in the home. Save all the receipts for newly purchased items, and make sure to
update your inventoryas soon as you make a major purchase and delete the items you
no longer have.There's more for you on this subject. On our site we have additional details on
how to create your personal property inventory. On that page you'll also find a link to a form
you can use to list your items.
.
your insurancecompany will ask you to provide a record of them.
Details will be important at claim timeDo you know the brand name and serial
number of your stereo?
Would you recall off the top of your head when and how much you paid for your digital camera?
Without a list in front of you for reference, the details of your valuables may be forgotten -
which creates more frustration in an already stressful time, and can cost you money in the long run.
That's why it's important to have a personal property inventory created ahead of time -
before an unfortunate incident.
What is a personal property inventory?A personal property inventory is a complete
list of all your household goods and personal belongings. A complete inventory includes
the following information about each item on your inventory list:
- The room in the house where it's located
- Item description and quantity
- Purchase date
- Place of purchase
- Original cost
- Estimated current value
- Serial and model number
- An accompanying videotape or still photographs of each item
- Receipts and current appraisals for the most valuable items
can take steps to reduce the stress in the aftermath. A personal property inventory
in place before a claim ensures
that your claim is filed promptly and completely, which means that you'll get it
settled quickly and accurately, and get your life back to normal.
You can also use an inventory to determine if you have adequate coverage for your possessions.
Many people find out after a loss that they were not sufficiently covered, and should have purchased
higher coverage amounts or replacement cost coverage. A good rule of thumb is to add up
how much it would cost to replace your belongings, and then compare it to your policy's personal
property limit. This is an indicator of whether or not you need to purchase additional coverage.
It's also a good idea to check the claim settlement methods on your policy. If you've purchased
replacement cost coverage, your settlement allows you to buy new items to replace the damaged or
stolen ones. If you have actual cash value coverage, you receive what your items are worth
at the time of the loss - taking into account depreciation.
More helpful tipsBe complete with your inventory. An effective way to do an inventory is to
split the areaof your house and take one room at a time. Start outside and take views of
each side of your house,including the landscaping. Make sure to include all items in a
storage shed or garage, like children'sbikes and sporting goods.
Move inside the home and cover one room at a time. You might want to start with artwork or wall
hangings and then move onto the floor. Remember to include all high-valued items like antiques,
collectibles, silverware and jewelry.
Electronics are a key part of any personal property inventory. TVs, stereos and personal
computersshould be included, as well as clothing, CDs, tapes, furniture and items
inside china cabinets and storage bins.
As you videotape each item, it's important that you verbally state when each item was purchased,
its value,any special features and the model and serial number. If you choose to
photograph these items instead of videotaping them, write all pertinent information on
the backs of the pictures.
When the inventory is completeOnce you've completed the inventory, copy everything
including paper lists,videotapes, receipts, computer printouts, appraisals and photos.
Store one set in a secure place in your home,and store the other off the premises in a
safe deposit box or with a friend or relative.Update your inventory every four to
six months to ensure that the information is accurate and reflects all
items in the home. Save all the receipts for newly purchased items, and make sure to
update your inventoryas soon as you make a major purchase and delete the items you
no longer have.There's more for you on this subject. On our site we have additional details on
how to create your personal property inventory. On that page you'll also find a link to a form
you can use to list your items.
.
