The Marketers’ Senate

*Quick Quiz*

1) Name the brand and model of the television(s) in your house
or apartment. 2) How much did your computer cost, and where did
you purchase it? 3) What is the serial number on your camera?

Could you answer those questions without looking? Now imagine
how difficult it would be to come up with this information for
ALL of your belongings while dealing with the stress of a fire,
burglary, or natural disaster. In such a case, you may spend
countless hours trying to remember everything only to realize
what you forgot after your claim has been processed. You might
not even be able to produce the required proof for the claim to
be accepted.

How can a home inventory help?

In the unfortunate event of a major loss, your insurance company
will need a lot of information to process your claim. If you’ve
already created a home inventory, this process will be much
easier and should be completed faster. Otherwise, you might not
be able to account for everything, and if you’re unable to
provide the required information, you may receive less than full
compensation for your loss.

Also, depending on your situation and the tax laws where you
live, this information may also be required for a tax credit.

And finally, if you file a police report for stolen items,
having the model number and serial number will improve your odds
for recovering the stolen property.

What you’ll need to start

Although you could pay a service company to come in to your
house to conduct a home inventory, many people do it themselves
using either a home inventory booklet, or a software program for
recording their home inventory. Some people also include
photographs, digital pictures, or video tape.

Whichever you decide, you’re going to need to record the
following information about each item:

•Description •Brand/Model •Serial Number •Condition

In addition, you’ll need to record information about the value
of each item. Depending on whether your insurance company pays
claims based on “replacement value” or “current value”, you’ll
need to record details such as:

•Purchase Price •Replacement Cost •Current Value •When/Where
purchased

To provide as much information as possible, you should also take
photographs or videotape to document the existence and condition
of the items in your home inventory. Note that some of the
software programs have a feature to allow you to import your
digital photos to store the picture with each item. These
programs typically allow you to save your data on a backup disk
and/or print a report for safe keeping in a safe-deposit box,
your work place, or a friend’s house.

How to conduct your home inventory

Now that you know what you need, here’s how to get started:

1)Systematically go through your house or apartment one room at
a time*. 2)List down each item in the room, including the
contents of desks, drawers, closets, etc. 3)Describe each item
as completely as possible, recording all the details as
discussed in the previous section. 4)When you’ve finished all
the rooms in your house, don’t forget the garage, patio, outside
buildings, etc.

*You might be tempted to skip from one room to the next
recording the “high dollar” items only. But, while this is
better than nothing, remember that the “little items” can really
add up also, and in the event of a disaster, these items might
be the most difficult to remember.

What’s next?

Ok, so after you’ve completed your home inventory you know what
you have and how much it’s worth. Great! Now review your home
insurance policy - Are you over insured? Under insured? Perhaps
for the first time, you can answer this question easily by
comparing your policy amount to the total value of your
household items.

Remember, if you store your home inventory list in your home, it
could be destroyed along with your belongings. Whether your home
inventory consists of a written list, diskette, cd-rom, paper
report, photographs, or whatever, be sure to store it in a safe
place - preferably in another location such as at your work
place, a friend’s house, or in a safe-deposit box.

Don’t put it off!

Perhaps you’ve been reading this article and thinking about
creating your own home inventory. Get started now while it’s
fresh in your mind!

If you have just moved into an apartment or house, starting your
home inventory may be an easy task. This is a great time to
begin organizing your home inventory. If you’ve been living in
your house for awhile, however, you may have a lot of work to
do. Now is the time to start! Plan to inventory at least one
room in your house this week, and continue one room at a time
until you’re done.