Creating a Household Inventory List

Part of having peace of mind is being prepared for what life may bring you. No one is immune from experiencing an event that could lead to the loss of personal assets. Depending upon where you live, you may be susceptible to natural disasters such as hurricanes or tornados, earthquakes or mudslides. You may be the unfortunate victim of someone breaking into your home and stealing all your possessions, or you may have a fire.
   
Most people don’t really expect to be devastated by such events—including those who have unfortunately experienced them. Most people don’t think one of these events will really happen to them, and are surprised and unprepared when they do. What would you do if you somehow lost all of your household possessions? Do you have a plan?
   
I know what you’re thinking. You’re thinking that your homeowner’s insurance will take care of everything. And it should, as long as you do your part.
   
Let me ask you a few questions. If you lost all of your possessions, would you be able to list everything you own, including brand, model, serial number, and cost? How much do you think you could remember? Will your insurance company just hand you a check based on your estimate, and when all is said and done will you have enough insurance? All of these are important questions to consider before disaster strikes.
   
When was the last time you took an inventory of your home? Most of us accumulate possessions throughout our lives, but we don’t bother to update our insurance policies. Should you suffer a disaster that causes you to lose all your possessions, you may not have enough insurance to cover them. And that can mean financial ruin. Keeping an up-to-date inventory of your home will allow you to update your homeowner’s policy as needed.
   
In addition, when you submit your claim the first thing your insurance adjuster will ask you is, “Do you have a home inventory?” If your answer is “yes,” you’ll be much more likely to recover the real value costs of all your possessions.
   
There are several ways to make a home inventory. You can keep a manual inventory of home possessions, by going from room to room and making a visual and written record of each item. Be sure to note the purchase price and current value of each item. That way, if the property is ever damaged by fire or other natural disaster, or is stolen, you’ll have documentation for settling insurance claims or taking a tax deduction.
   
Or, you can use a software program. One popular program that is very comprehensive, yet incredibly inexpensive, is Quicken Home Inventory Manager. The Quicken Home Inventory Manager allows you to:

1. Keep everything together in one place. A photo inventory tool lets you easily drag and drop photos into the program for faster claim processing and more complete recording. You can also scan and attach price tags, receipts, warranties, and appraisals. Proving what you paid for each item, and what it’s worth, ensures your insurance company pays what it should in the event of a loss.

2. Help expedite insurance claims. Providing your insurance company with proof of ownership helps eliminate back-and-forth hassles. Plus, a comprehensive record ensures you won’t forget to claim any items.

3. Monitor your insurance coverage. The program allows you to enter your coverage amounts for your insurance policies, and compare them to actual replacement costs.

4. Simplify your estate planning. Recording each item and noting its beneficiary can help communicate your intentions for estate planning.

5. Get reports with a mouse click. Unlike a manual system, the Inventory alue Summary shows you at a glance what the contents of your entire home are worth. The Inventory Detail Report gives you a detailed look at the information you’ve entered for each item.

6. Integrate your input with Quicken, giving you a more accurate picture of your net worth. You don’t need Quicken Personal Finance to be able to use Quicken Home Inventory Manager. But if you have it, you can import the value of your belongings into your Quicken software.

The Quicken Home Inventory Manager normally retails for just $29.99. But through this special offer, you can save 20% . . . AND get free shipping!

To buy now, or to learn more, go to www.tinyurl.com/39uhqm .

Whether you maintain your inventory manually or use the Quicken Home Inventory Manager, keeping an up-to-date inventory list is a very important task. It’s not that hard to do, and you’ll be glad you have it if you ever need it. That should give you some peace of mind.