An accurate inventory of your possessions - especially if backed by photographs - can be invaluable in substantiating an insurance claim if your home is burglarized or damaged by flood, fire or hurricane.
An accurate, annually updated inventory will also enable you to offer proof to the Internal Revenue Service to claim a tax deduction for your losses. And if you either move or sublet your home furnished, an inventory will help you monitor the number, age and condition of belongings that you've entrusted to the mover or tenant.Here's how to make an inventory of your possessions:
Before starting, contact the insurance company handling your homeowner's insurance. These companies often provide free booklets in which you can list your household inventory.
Go through your house room by room:
- Write down the name and quantity of each item, its date of purchase, the cost when new and its value now. Check newspaper ads and store catalogs to help you determine the current value.
- Keep separate inventories of clothing, furs, jewelry, silverware and works of art.
- Irreplaceable items and those that have historic value or value that can be determined by current market conditions (especially jewelry, silver and works of art), should be professionally appraised.
Photograph each room:
- Shoot from at least two different angles to capture the room's entire contents. Take close-ups of items that are especially valuable.
- Store the written list and photos in a safe deposit box. Keep a copy of the list in a separate place.
You can also take inventory by having someone videotape you as you walk through each room describing each of your belongings. Here, too, you should state the purchase date, original cost and (as best you can) the current value.
Be sure to take close-ups where appropriate. Describe any identifying features such as silver or gold content and trademark of the manufacturer.
Update the inventory annually and review it with your insurance company to be sure you have adequate coverage.
-Need help on a home repair or improvement project? Write Reader's Digest, P.O. Box 700, Pleasantville, NY 10570-7000. Suggestions and tips will be offered in future columns.