To Protect Possessions, Americans Need to Know Their 'Stuff'

Whether it is gourmet cooking gadgets, designer handbags or high-end electronics, what Americans invest in personal passions can have a profound impact on insurance needs. One of the best ways to make sure possessions are fully protected is to document them with a home inventory. Now, creating a home inventory is easier than ever thanks to myHOME Scr.APP.book, a new iPhone® application from the National Association of Insurance Commissioners (NAIC). The free app lets users quickly photograph and capture images, descriptions, bar codes and serial numbers, and then stores them electronically for safekeeping. The app organizes information room by room, and even creates a back-up file for e-mail sharing.

"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

1. Make a list of possessions, including 'celebration' purchases such as jewelry and fine art.
2. Think about family heirlooms, collections and furniture. Also consider items related to everyday leisure time, from flat-screen televisions to custom guitars.
3. 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.
4. Attach copies of original sales receipts and/or appraisal documents to your inventory. Be sure to note model and serial numbers.
5. Group your possessions into logical categories, i.e., by hobby, by room in your home.
6. Carefully photograph or videotape each item and document a brief description including age, purchase price and estimated current value.
7. Remember to open drawers and closets to document what's inside.
8. 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.
9. Review and update your inventory annually and whenever you make a significant purchase.
10. 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.

 Make sure you're property is protected with Homeowner's insurance or Renter's insurance.