Be prepared before a disaster

by GCEI » Tue Oct 15, 2013 03:47 pm
Posts: 4
Joined: 01 Oct 2013

Inventory Your Home Possessions

Keeping Receipts, Photos and Log is Essential

In 2008 a survey was conducted by the National Association of Insurance Commissioners that showed that 48 percent of consumers did not inventory their possessions.

Being proactive in preparing an inventory list of all of your belongings is essential in the event of a fire, flood or other disaster. To ensure that your insurance company is reimbursing you for the value of your property, a detailed inventory must be presented.

Preparing a log of your belongings also ensures that you have recall of everything in your home when the insurance adjuster comes in. Whether renting or owning your home, it is important for you to have your inventory and proof of purchase when making a claim. The more detail you can provide the better.
Keep receipts and canceled checks of your most valuable electronics and other property when possible. Record in your inventory log, serial numbers, model numbers, purchase price and date of purchase. Be sure to update the list as you add new items and/or sell or discard items.

Photos and videos of your valuables should be included along with your inventory log. Remember to include all of your possessions such as jewelry, china, silver, fine art and collectibles and crystal. It is a good idea to photograph the backs of fine china, silverware, etc. to capture the manufacturer, brand, trademarks and/or pattern.

When going through each room to build your inventory, don’t forget items stored in your garage, storage sheds (inclusive of lawn equipment) and/or attics or basements.

It is important to have two copies of your inventory, receipts and photos. One kept in a safe place in your home and the other given to a close relative or trustworthy neighbor or in a safety deposit box.

Search on line for free inventory program samples as additional help in putting your log together.

Review with your insurance agent your complete home owner’s property insurance coverage and review whether you are covered for the replacement value and what is your deductible. Also evaluate whether you should add coverage on a rider policy for valuables such as your jewelry, fine art, etc. An appraisal of these items will determine the added coverage that you should have.

The appraisals also need to be kept with your log and pictures.

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Total Comments: 2

Posted: Tue Oct 15, 2013 08:36 pm Post Subject:

Loosely copied in whole or in part from other sources. Plagiarism is not appreciated here.

Posted: Fri Oct 18, 2013 07:55 am Post Subject:

Please cite the actual source from next time. Thanks.

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