Take Inventory of Items Inside Your Home

The 3 Rs
Despite what you may think, most home insurance claims are fairly straightforward, and customers are happy with their settlements. But to ensure the quickest, easiest claim settlement after a loss damages your personal property, insurance companies ask that you remember the "3 Rs"–receipt, record, and repeat.

Receipt
A sales receipt may be the most important document available to an insurance claims adjuster after a loss. Warranty and other sales information are also helpful, but the receipt will indicate important information needed to adequately process a claim, such as date of purchase and the cost of an item.

Some receipts include other essential information about the property, such as a serial and/or model number. When you purchase a product, keep the sales receipt and other documentation that includes information about the purchase and manufacturer in a file. Keep the file in a safe place; preferably away from your home. Easy access to this information can expedite the claims process.

Record
The second R, "record," has two parts. First, you should have an up–to–date record of every item you intend your insurance to replace if lost. Make a list of each piece of property, recording the manufacturer, model and serial numbers, cost new, and date of purchase. Approximations are better than nothing. Be sure to update the list frequently as your personal property obviously changes over time. It is important to keep a copy of this record away from your home.

Another way to "record" is, quite literally, video recording. This is highly recommended by insurance companies. And it's a fun family activity–you can walk through your house, condo or apartment and video personal property while narrating descriptions. Don't forget to open drawers and closets to note items of value. This builds an excellent, low–cost resource to present to the claims adjuster after the loss. Such efforts can also significantly expedite the claims process. You might also take digital photos if you don't have a camcorder. Keep a copy of the photographs or video inventory on a CD and/or computer away from your home.

Repeat
Do you remember the last time you bought a new piece of furniture? Or the last time you changed computers? Did you recently install a surround–sound system? Do you remember when you tossed the old silverware for the new set of really good stuff?

Changes to personal property occur frequently. While it is recommended that you update your records for insurance purposes each time something new enters your home, most people forget. This is why you should choose a specific date–perhaps New Year's Day or Labor Day–and mark it as "inventory day" on your calendar. This is the time you'll pull out the camcorder and make a new virtual tour, make sure your records are up to date and that you still know where to find everything.

Remembering and practicing the 3 Rs will help you get back on your feet as quickly and as smoothly as possible if the worst happens. Mark your calendar and start today!

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