Drummond Financial Solutions

(330) 877-2923

Insurance Read Time: 3 min

Inventorying Your Possessions

Nearly 60% of Americans do not have a home inventory of their possessions, and of those that do, 48% do not have any receipts evidencing their value.¹

It’s great to have insurance against damage and loss, but if you can’t show proof of your possessions, it may result in a protracted settlement process with your insurance company.

Four Tips for Creating an Inventory

Creating an inventory may take a bit of upfront work, but it can pay future benefits in smoothing the claims settlement process with your insurer and increase the potential of receiving the maximum payment possible.

Tip #1—Make a Video of Your Possessions

A visual record of your possessions is the best proof of ownership. When videoing your home contents, make sure you are methodical and thorough in going through all your rooms and storage spaces. Speak while you are taping to describe each item, including any relevant information (e.g., “this is a signed first edition of “Moby Dick.”)

Tip #2—Document Value of Your Items

Scan or video receipts of the items in your home. Indicate the make and model where appropriate. If you have artwork or antiques, consider creating a record of any appraisal you may have received on your collectibles.

Tip #3—Secure Your Inventory

An inventory doesn’t help much if you keep it in the house and your home burns to the ground. If your video is digital (highly recommended), consider storing the file in a “cloud” account, rather than on your computer, or on a USB stick stored in a safety deposit box.

Tip #4—Keep Your Inventory Updated

Failure to regularly update your inventory may mean leaving off expensive new purchases.

Get started by asking your insurance agent if he or she has an inventory checklist, which may help you remember to include items that you might otherwise overlook.

  1. National Association of Insurance Commissioners, 2018 (Most recent study completed in 2012.)

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Protecting Those Who Matter Most

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

Retirement Plan Detectives

Retirement Plan Detectives

A couple become Retirement Plan Detectives, searching records from old employers.

Whole Life Insurance Can Be an Asset For Balance

Whole Life Insurance Can Be an Asset For Balance

Even if you didn’t grow up on a farm, you’ve heard, “Don’t put all your eggs in one basket.”

 

Have A Question About This Topic?







Thank you! Oops!

Choosing a Business Structure

Entrepreneurs all face the same question, “Which business structure should I adopt?”

Insurance Needs Assessment: When You're Young and Single

Even if you’re young and single, you should still consider protecting yourself.

Tax & Estate Strategies for Married LGBTQ+ Couples

Learn how to maximize your tax and estate strategy as a married member of the LGBTQ+ community.

View all articles

Roth 401(k) vs. Traditional 401(k)

This calculator compares employee contributions to a Roth 401(k) and a traditional 401(k).

Estimate Your RMD

Help determine the required minimum distribution from an IRA or other qualified retirement plan.

Comparing Investments

This calculator compares the net gain of a taxable investment versus a tax-favored one.

View all calculators

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

View all presentations

Should You Ever Retire?

A growing number of Americans are pushing back the age at which they plan to retire. Or deciding not to retire at all.

A Bucket Plan to Go with Your Bucket List

A bucket plan can help you be better prepared for a comfortable retirement.

The Wild West of Data Theft

Learn about cyber liability insurance in this entertaining video.

View all videos