Create an inventory of your possessions for insurance purposes. With the right tools, it will make future claims process smoother, according to Michael Gentile a seasoned Santa Monica REALTOR who also specializes in insurance claims.
Photos and Videos of Possessions
Image via WikipediaA standard digital camera costs below $100, and digital photos are easier to print and store. Get shots of the whole room, and close-ups of each items. Look into every drawer and closet. Video inventories are much preferred due to convenience. You can walk around each room, identify and describe items. Zoom in to serial numbers and important features of the items. Digital camcorder costs less than $150.
Inventory on Paper
Written home inventory is required in getting insurance claims. List all your items, along with their brand name, serial number, estimated cost and purchase date. Keep a copy off-site, in a safety deposit box or a house of a friend in case your house gets destroyed.
You can purchase home inventory software to help you. You can also get it for free from the Insurance Information Institute. Include receipts in your inventory list. You can also scan the receipts if you are storing your inventory online. The price of a scanner starts at $50.
Ways to Safely Store Your Inventory
Digital records can be stored in a USB, which costs as little as $5. Another option is a hard disk that stores more data but are more expensive and less portable. Online backup sites such as iBackUp or Mozy are also good storage place. These sites charge $5 or more a month.
You can put your records in a safety deposit box, at a friend’s house or in an emergency bag. Emergency bags should always be accessible in case of quick evacuation. Rent for small safety deposit box is around $25, while a larger box is about $100. You can buy a fire-proof and waterproof safe that you can keep at home. Small safes cost roughly $50, while the standard ones cost $150 to $300. High-end and hi-capacity safes are more than $1,000.
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