The financial world we live in is just as wild, if not more, than the mountains and woods we walk through. We are told that the fundamentals of our economy are strong, but we can feel that something is wrong. My unique financial background and survival passion make Financial Survivalist and excellent place to learn and share.

Tuesday, April 3, 2012

How to do a Home Inventory for Insurance

Whether it's a fire or a burglary, stuff happens. However, if your belongings are not properly documented they may not be covered by your insurance. I have a friend who was burglarized and he soon found out that most of his things were not covered.

It is extremely important that you have a home inventory. It is the only way to be fully insured and to quantify your loss in the event of a disaster. Do it today. Even if it's a bad attempt, it is better than nothing and you can improve as you go along. Ask your agent if he needs a copy of your inventory and if he has any specific instructions for you. All Insurance companies are different.

So how do you do an inventory of your stuff? There are 3 main ways: Video, Photos, and Documents.

Video

A video inventory basically involves you walking around your house with a video camera taking video of everything you own. You also need to note serial numbers etc. I find this is probably the easiest method, but make sure it is a good video. Also, I found it difficult to get everything into one cut, so it may take a few tries and or some editing.

Photos

Same thing as a video, but still shot. I like this method because you can take pictures of things like serial numbers and certificates of authenticity. I'm also not very good at video editing.

Documents

All of your important documents, receipts for electronics and jewelry, ownership tittles etc. Scan them and save them together.

Appraisals

Some extremely rare or valuable items are not covered by normal insurance. Sometimes you need to get a certificate of authenticity and appraisal, and specific insurance coverage.

How to Store Inventory

Store your inventory online. I keep mine as a series of emails to myself.

Free Inventory Software

http://www.knowyourstuff.org

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