![]() Hopefully, you'll never have to use your inventory, but if you have to deal with a catastrophe, you'll be happy you took the time to make a permanent record of all your possessions. If you can't stand this overly detailed approach, at least take the time to jot down any items valued at $50 or more. This isn't a test you won't be graded on your inventory for accuracy, completeness, or legibility. Don't forget tools and outdoor equipment like lawn furniture and barbecue grills. The same goes for jewelry, furniture, antiques, collectibles, and other expensive items covered by your policy. Sports equipment tends to be expensive and should be described in as much detail as possible. Make sure to include the items stored in your attic, basement, garage, or outbuildings. If you'd rather not describe every item of clothing, at least list quantities (e.g., six wool sweaters, two pairs of sneakers, two pairs of corduroy trousers). Give a full description of any expensive clothing items, such as leather or wool coats, boots, suits, or formal wear. The only things you should leave out of your inventory are the four walls, the ceiling, the floor, and the fixtures (e.g., toilets and sinks). ![]() Try to identify every item that you would have to box or carry out if you were to move out of your home. Describe not only the bed but also the headboard, mattress, and bedding. Make sure you include component parts and the contents of drawers, shelves, closets, storage boxes, and built-in cabinets. Be descriptive-refer to colors, dimensions, manufacturers, and composite materials whenever you can. Make sure you catalog all the contents of every room, including rugs and carpets, wall hangings, curtains, blinds, and draperies. Listing the contents of each room and building separately promotes thoroughness and will help you organize your inventory. It's also important to include the purchase price and purchase date of every item and to note the serial numbers and model numbers of any appliances and electrical equipment. If possible, keep copies of these documents off-site, too. You're also asked to provide copies of bills, receipts, and other documents that support the figures in your claim. Under the terms of your homeowners policy, your claim for damaged or stolen property should show the quantity, description, actual cash value (i.e., the depreciated value of an item), and amount of loss associated with each item. Since the whole point of buying homeowners insurance is to be compensated for a financial loss, why bet everything on your memory? You'll also find that a detailed inventory helps when filing a police report or when trying to prove a loss to the IRS. ![]() Omitting items or failing to include an adequate description of an item may prevent you from receiving full compensation from your insurance company. ![]() ![]() Yet that's what you'll be asked to do when you submit a claim on your homeowners insurance, unless you've already prepared a written inventory of your possessions. Remembering everything that's in your house and garage after a fire, theft, or other calamity would be virtually impossible. It would be quite an accomplishment for any of us to recall all of the contents of any one room, even at the calmest of moments. Wasn't there a vase on that table in the study? To keep track of new additions and discarded items, be sure to update it every year. You should prepare an inventory whenever you move into a new home. It should include your possessions as well as those of family members and others living in your home. A home inventory is a complete and detailed written list of all your personal property that's located in your home and stored in other structures like garages and toolsheds. ![]()
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