Home inventory
Can you remember all the possessions you have accumulated throughout the years, and their value and replacement cost? Having a current inventory of your belongings will help to get your insurance claim settled quicker, as well as verify your losses for tax purposes and help you determine exactly how much insurance you need to purchase.
Begin by making a list of your possessions. Describe each item carefully, where you bought it and its make and model. Clip to your list any sales receipts, purchase contracts, as well as any appraisals you may have. For major appliance and electronic equipment, record their serial numbers usually found on the back or bottom.
Starting an inventory is much easier if you are just setting up a household. However if you have been living in the same house for a long time it can be a daunting task! That said, even a partial inventory is better than none at all. Begin with your most recent purchases then add the things you can remember.
Expensive items such as jewelry, collectibles, antiques, and artwork may have increased in value since you purchased them. It is advisable to have such items appraised to be sure they are adequately insured. In addition to the list you can take pictures of rooms and specific items. Note on the back of photos where you bought the item. You can also videotape your home and it's contents.
Finally, whatever method you choose to document your possessions keep you inventory in a safe deposit box. To keep your inventory up to date it is a good idea to add any significant purchases to your inventory list as soon as you receive them.
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