Keeping an Inventory
Are you adequately insured? Do you have a record of your possessions in case they are destroyed by fire or stolen? It is important that you take time to itemize your possessions and include purchase price, date of purchase, replacement cost and appreciation. Without a detailed home inventory, processing and collecting an insurance claim can be difficult.
Photograph or video tape all your possessions and write a description for larger, valuable items. Be sure to itemize each room. Keep the inventory list, photos, videos, and receipt together in a safe location to prevent loss by fire or burglary. A bank safety deposit box is a good location to store your documentation.
Some items usually forgotten in a household inventory include: books, records, pillows, plants, towels, vacuum cleaner, brooms, toys and games, holiday decorations, office supplies, lawn and garden supplies, bikes and recreation equipment. These may seem insignificant now, but it would be very costly to replace them all.
Finally, check with your insurance agent regarding items that need to be Scheduled on your insurance policy. Certain items, such as jewelry, have low limits if they are not scheduled individually on your policy, which can create a significant loss on these items in the event they are destroyed.
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