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How to Prepare a Personal Property Inventory - page 2

Use a camera or video camera

Supplement your inventory with photos or a videotape of your belongings. These will provide further proof of ownership and add detail to your written descriptions. They also help document each item’s condition and size.

Videotape or take wide-angle photos of entire rooms, which will help show the magnitude of a loss. If you use a video camera, you can record audio descriptions and make special comments. Take individual, close-up shots of expensive items and group shots of lower-value items. Zoom in on labels and special features, like signatures on artwork or serial numbers on appliances and electronics. Be sure to date each photo or use the date imprint function on your video camera.

When you inventory outdoor items, include bicycles, sporting goods, yard equipment and any other articles kept outside. While you’re outside, it’s also a good idea to photograph each side of your home’s exterior. Include your carport and other structures like a storage shed. Capture rare trees or shrubs and unusual landscaping. These things aren’t considered personal property, but it will be helpful to have a record of their appearance in case of a loss.

Special Limits on High-Value Items

Insurance policies place special limits on valuable personal property, such as jewelry, silverware, tools, special collections like stamps and coins, and firearms. If you own these items, check the limits in your policy. If they’re not high enough, you may need to purchase a scheduled personal property endorsement. This is an addition to your policy that usually increases your coverage, reduces the deductible and changes the claiam payment methods.

It’s a good idea to have valuable items appraised on a regular basis and to keep your appraisals with your inventory.

After completing your inventory

Once you’ve completed your inventory, copy everything, including lists, appraisals, receipts, videotapes, disks and computer printouts, and have an extra set of photos developed. Store one inventory packet off premises. A safe deposit box is the most secure location, or ask a friend or relative to keep a copy.

Be sure to update your inventory packet every four to six months. In the meantime, save receipts for any new items you’ll need to add. If you make a major purchase, update your inventory as soon as possible. And remember to delete items you no longer have.

Is Your Insurance Adequate?

Too many people find out after a loss that they should have increased their coverage amounts or purchased replacement cost coverage. Use your inventory to help you avoid this common mistake.

Add up all of your current estimated values to find out how much it will cost to replace everything, then compare this figure with your policy’s personal property limit. This will be a good indicator of whether or not you need to increase your coverage.