Whether you rent or own, it is extremely important to know your stuff. Do you have a home inventory of all your assets? According to the National Association of Insurance Commissioners (NAIC), about half of recently surveyed people do not.
Nick Hytrek talks about the importance of logging your possessions in a recent article in the Sioux City Journal , and notes that the post-holiday period is a good time to start or to updates that may exist:
"It is much easier to take inventory now, rather than after a fire gutted your home There is enough to think about without having to try. remember everything you owned once the insurance adjuster arrives.
"After a fire, they fundamentally call you a piece of paper and pencil and write tell all your assets," said Wynn Gochenour, executive adminstrator at Paul Davis Restoration. "Most people do not do it in advance, but wish they could."
We have already suggested Know Your Stuff, a free online tool issued by the Insurance Information Institute, which is great for this purpose. It has a system room by room inventory that allows you to create, view, save and print reports in real time. You can learn more about the inventory system in a short video clip. The article also notes that there Hytek national companies who will come and make inventories of houses and assessment for you -. a service that could be useful if you have expensive collections
Hytek offers the following tips to make a home inventory, sourced from the NAIC: ..
- paper each item as completely as possible including the brand and model number
- include receipts and / or canceled checks to prove you paid for the items
- Remember to include items you do not use regularly, such as holiday decorations, sports equipment or tools.
- Check your insurance policy to see what is covered and whether your belongings are insured for the actual cash value (the amount it would take to replace or repair the item after amortization) or for replacement cost (the amount it would take to repair or replace the item without depreciation).
- for rare or valuable items such as jewelry, antiques or art, you may want to consider adding additional insurance - a runner -. your policy
- Keep the list completed outside of your home. Keep it in your office, home box or safe of a family member.
- Update the list every year.
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