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November 20, 2007
A home insurance policy not only protects the home in which we live, but also all of the personal property inside the home. Could you sit down right now with a legal pad and write down every single piece of personal property inside your home and the value of each individual item? If you can’t, how can the insurance company?
We Expect Our Home Insurance Company To Replace Everything But They Must Know What “Everything” Is.During a time of total turmoil that exists when our home is totally destroyed, it would be very difficult to itemize every single piece of furniture, clothing, appliances, hobby items, jewelry, collections, and everything else that had just been destroyed. How do you really know the dollar amount of “Personal Property” coverage to buy, if you don’t have a good idea of what your personal property is worth? There are several ways to make an inventory of your home and we will discuss a few of them:
There are companies that market a piece of computer software that will allow you to make a detailed room-by-room inventory of your home.
Most of us have a video camera lying around the house somewhere, so why not go room to room and make a video of your entire house?
If you don’t own a video camera, you probably have some type of camera. You can use the same procedure to make still pictures of every room, every applicance, every piece of furniture, and clothing, etc.
It is very important to record serial numbers of expensive items like, stereos, television sets, appliances, computer equipment, etc. These serial numbers can be listed on paper or you can make a small sign to place next to the item when you photograph it. This will allow you to have the photo and serial number in the same place.
If you own expensive jewelry or special collections, like guns, stamps, coins, trading cards, antique furniture or any other “special” piece of personal property get it appraised by a professional appraiser. By the way, these items may need to be “scheduled” or insured separately in your homeowners’ policy. No matter what method you use in making your home inventory it is very important that you do not keep the only copy inside your home. Keep a copy in your safe deposit box or leave a copy with a close relative so it will be readily available in the unfortunate event you need to use it.
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