How do I take home inventory and why?

Would you be able to remember all the possessions you’ve accumulated over the years if they were destroyed by a fire? Having an up-to-date home inventory will help you get your insurance claim settled faster, verify losses for your income tax return and help you purchase the correct amount of insurance.

Don't be put off!
Regardless of how long you have lived in your house its better to have an incomplete inventory than nothing at all.

Big ticket items
Valuable items like jewelry, art work and collectibles may have increased in value since you received them. They may need to be insured separately.

Take a picture
Besides the list, you can take pictures of rooms and important individual items. On the back of the photos, note what is shown and where you bought it or the make.   

Videotape it
Walk through your house or apartment videotaping and describing the contents.

Use a personal computer
Use your PC to make your inventory list. Personal finance software packages often include a homeowners room-by-room inventory program.

Storing the list, photos and tapes
Regardless of how you do it (written list, floppy disk, photos, videotape or audio tape), keep your inventory along with receipts in your safe deposit box or at a friend's or relative's home. When you make a significant purchase, add the information to your inventory while the details are fresh in your mind.

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Source: Insurance Information Institute. www.iii.org