Keep Track of Your Belongings
Keep track of your belongings. It isn’t always as simple as it may seem, especially when it comes to providing proof of purchase and value for insurance purposes.
In the event of a claim, it’s important to have an up-to-date inventory available. Perhaps the most common method is to write down a list of all items owned, including model numbers, age and condition.
The following are a few ways to keep track of your belongings:
Purchase on Credit: Purchasing an item with a credit card is one easy-to-use method of tracking the acquisition of new items. Depending upon your lender, it may also extend the warranty of the item.
Picture It: When purchasing a new item, take a photo of it and scan the bar code. Software is available online for free to record all the pertinent data, including model number. Be sure to back up the data on a secure storage server on a regular basis.
Keep Records: Expensive items such as art, jewelry and other collectibles may have fluctuating values. It’s a good idea to have a professional appraisal done. Keep a copy of the appraisal plus all photographs in a safe area. Be sure to ask your insurance agent about specialized riders if an item is over the limit for normal household values.
Update Annually: Be sure to schedule an annual update. Eliminate all items that were disposed of during the year and verify new acquisitions. Record the current condition status of items, including repairs, enhancements or other modifications that may impact their value. Make a backup copy to be stored in a secure online location, safe-deposit box or other protected place.
Keep track of your belongings isn’t always as simple as it may seem, especially when it comes to providing proof of purchase and value for insurance purposes.