| Feature
Article This article is part of the Missouri Saves Program |
 |
Documenting Your Personal Property Losses
Annette Fitzgerald, Consumer & Family
Economics Specialist, Southwest Region, University of
Missouri Extension
Could you put together an insurance claim if you suffered losses from a natural disaster or accident? Do you know where your homeowner's insurance policy is? Could you prove what you own and the value of your property?
The task of putting lives back together again after a
natural disaster can be overwhelming when families try
to repair and replace their homes and personal
possessions. For some, careful planning and record
keeping may save them lots of frustration when it comes
to insurance claims. For others the lack of records may
not only hinder their recovery, but may shortchange them
when it comes to being compensated for their losses.
Planning ahead is the key in the event an insurance
claim must be filed. Whether your claim is large or
small, the process of household record keeping is the
same.
If you don't already have a household inventory, now is
the time to compile one. The University of Missouri
Extension has a publication, Our Valuable Papers,
that is a comprehensive tool for recording important
financial information, property inventories and
professional advisors. To order Our Valuable Papers
($1) call 1-800-292-0969 and request EC705 or visit your
local County Extension Office for a copy. Record keeping
books are also available at local bookstores or from
your insurance agent. A loose-leaf notebook will work
well, too. Make a section for each room in your home and
list all the property in those rooms.
Don't forget to include the attic, basement and garage.
Attach receipts or bills of sale to the pages, if you
have them. Remember that some items may require
appraisals, as well. Don't overlook the use of your
camera when compiling your household inventory.
Photograph items throughout the rooms and list each
item's value and other pertinent information on the back
before putting them in your inventory book.
Or use your video camera to go from room to room documenting your
possessions. Talk your way through your home describing
the item, date of purchase and it's cost. Don't forget
to video the outside of your home, including the
landscaping and outdoor furniture.
Once you've put together your household inventory, store it in a safe
place. The best place is probably a safe deposit box.
Consider including a copy of your homeowner's insurance
policy with the inventory.
Annually, review your homeowner's insurance policy to make sure you're
adequately protected against loss. Consider replacement
value options, the extra cost may pay for itself in the
event of a major loss.
Documenting what you own can be a daunting job, but if you're unfortunate enough to need the information you'll be glad that you took the time to do it.
 |
Site Administrator: |
|
|
|
Last update: Monday, March 10, 2008
