1) Big ticket items: Jewelry & Valuables
2) Cell phone video with narration
3) Keep receipts and appraisals
Having an inventory of your contents will help to:
1) Speed up the claim process & payment
2) Provide you with substantiate losses for your income tax return
Now that you have the bullet points to the basics of taking home inventory and the benefits of having a home inventory, here are some pointers on how get it done:
Step 1: Start your home inventory with your big ticket items. What are the 10 most valuable items in your home? Do you have receipts, appraisals, pictures for each? If not, start a file and try to gather at least 2 of these documents for each item. Keep this file in your offsite office, safety deposit box or with a trusted friend/advisor.
NEXT! Take out your smart phone and make a 5 minute movie. You paid $$$ for all that memory, so use it. Walk through your home or apartment and video tape each room. Narrate as you go and be sure to open all the drawers & closets. You are making a list without having to write everything down!
LAST STEP: Secure your inventory
Your inventory won’t do much good if it’s burned, stolen or washes a way in flood. Keep it in a safe place off site. If you don’t have anywhere to store it, then try services like Asset Panda and Know Your Stuff. They both provide cloud storage and mobile apps.
Congratulation! Now you are done with your home inventory!
Linn T. Hodge & Sons has been here for you since 1929.
Please call us with any personal, business or life insurance questions! (310) 477-2666