"A home inventory assures you know exactly what you own, and what it is worth, before you need to make a claim," says NAIC President and Iowa Insurance Commissioner Susan E. Voss. "Our research, however, suggests almost half of all Americans don't have an inventory of their possessions. Our new iPhone® app makes it easy to document your stuff. Knowing what you own will help you choose the right coverage in the first place."
10 Steps to Complete a Home Inventory
- Make a list of possessions, including 'celebration' purchases such as jewelry and fine art.
- Think about family heirlooms, collections and furniture. Also consider items related to everyday leisure time, from flat-screen televisions to custom guitars.
- Take note of commonplace items such as toys, CDs and clothing. And do not forget items you may only use occasionally such as holiday decorations, sports equipment, tools and high-ticket items kept outside your home such as landscape and swing sets.
- Attach copies of original sales receipts and/or appraisal documents to your inventory. Be sure to note model and serial numbers.
- Group your possessions into logical categories, i.e., by hobby, by room in your home.
- Carefully photograph or videotape each item and document a brief description including age, purchase price and estimated current value.
- Remember to open drawers and closets to document what's inside.
- Store your home inventory and related documents in a safe, easily accessible place such as a secured site/file online, a fire-proof box or in a safe deposit box. You may want to share a copy with your insurance provider so he or she can make necessary updates to your coverage.
- Review and update your inventory annually and whenever you make a significant purchase.
- To get started, download the free myHOME Scr.APP.book app for iPhone® users by visiting the iTunes® App Store or searching 'NAIC' in the app store from your phone.
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