Taking a Home Inventory
Do you dread the thought of creating an inventory and documenting the personal possessions you own? You are not alone. Only 37% of homeowners who live in hurricane-prone areas have completed this task, according to a survey by the Insurance Information Institute.
Why is it so important to have an up-to-date inventory of personal possessions?
- It assists when determining the proper amount of insurance coverage to purchase.
- It helps get your insurance claims settled faster.
- Provides documentation to substantiate losses claimed for income tax purposes.
What should an inventory include?
- A description of the item, the date it was acquired, its cost and serial numbers.
- A photograph or videotape of your personal possessions, stored on a CD/DVD.
Where should I store the inventory and photographs?
- Multiple copies of the inventory and the CD/DVD should be created.
- File one copy in a safe place.
- Give one copy to a family member or trusted advisor.
- Also consider keeping a copy at your place of employment in a locked cabinet or a safe deposit box.
The Vital Records PortaVault includes User Tips and Helpful hints.
- The PortaVault provides guidance and forms for taking a personal property inventory.
- We tell you where to get free software to use in taking an inventory.
- Our tips help your review your insurance coverage, a good thing to do once your inventory has been completed.