How To Take A Good Home Inventory In Five Easy Steps

By: Art Gib

All homeowners are required by their lenders to carry a policy to protect their homes against damage or loss of property. Making a detailed inventory of your home's belongings will help you settle a claim faster and more accurately should disaster happen. Unless you have a photographic memory, which is probably not the case, it would be virtually impossible for you to remember everything you own: an inventory is absolutely necessary. Here's how to do it.

-- Step one: go room to room with a pad and paper or a laptop computer and make a written list of everything you would want to be compensated for in case something happens. You may not think that separate articles of clothing have much value, but if you consider how much it cost you to accumulate your wardrobe in its entirety, it's probably quite a substantial sum: imagine how much money it would take to replace it in case of fire!

In the case of appliances and other electronic equipment, take note of the manufacturer and the year it was produced, and record their serial numbers as well.

Once you have completed your list, you should make a separate recording in addition to the original which sorts all of the items by category. Then it's time to figure out their value.

-- Step two: Time to put a dollar amount on each item. Of course, if you are older you will have accumulated lots of items that you can't remember how much you paid for: that's just fine; in cases such as these, an approximation will be enough. Hopefully, your memory or receipts you've saved will allow you to remember how much more recently purchased items cost.

If you own rare and expensive jewelry or luxury items such as a fur coat and art work, they may have appreciated in value substantially over the years. You may need to insure such items separately: ask an insurance agent for advice.

-- Step three: Take as many pictures as you can. You don't necessarily have to take a photo of individual items: taking shots of rooms from different angles should be fine. Make sure to take individual photos of high priced items, however. Make notations as to what everything is.

-- Step four: Walk through the house and videotape it with commentary as you go. This can be used as additional proof in addition to your comprehensive list and photograph collection.

-- Step five: Store your documentation off site! This is an extremely important step because if your home is destroyed by fire, flood, or wind you wouldn't want all of your insurance documentation to go with it. Keep your written list/flash drive/floppy disc, photos, and videotape in a safe deposit box at your bank or with someone you trust. That way, they can always be accessed no matter what happens.

Article Source: http://yourfinance.co.za

About The Author
If you are an Empire State resident looking for New York homeowners insurance, or if you need New York cheap car insurance, contact the experts at Community Brokerage. Art Gib is a freelance writer.