What is the best way to record all of your possessions, so that in the case of a total loss – like a fire – you’ll be prepared to remember what you owned?
The easiest approach is using a camera – still camera or video – to record images of all of your possessions on film or digital media. Every year or two, you should take pictures of every room, cabinet and drawer in your house. The effort may seem daunting, but the process should take only 30 minutes or so. General pictures are fine – they’re just for recall not finite detail showing model and serial numbers. I explain below that most of the time your possessions will be replaced with new replacement items.
When you’ve captured everything worth noting, store the recorded media off-site in a safe deposit box at the bank, an off-site office location or family members house. The objective is keeping the record safely off-site where you can retrieve it easily.
As for your most valuable jewelry and other items, you should be sure that your insurance agent has a current copy – no more than two year-old copy – of the appraisals of the items scheduled on your homeowners, condo or renters policy. Most jewelers will appraise your valuables for free and you can have them fax or mail a copy to your insurance agent directly.
Both your photo record and appraisals will help the claims adjuster make an accurate assessment of the replacement cost of the belongings you lost. Most policies are written at our agency with replacement cost on contents coverage, which means that lost items will be replaced with like-kind and quality items (e.g same size, brand and same model if that model is still available). In most cases, the replacement items are new, because there is no reduction for depreciation with the replacement cost contents coverage clause.
The objective of keeping good records is is to make you whole again after a loss. You truly will be grateful when you retrieve your photographs or video after a fire. You’ll be able to recall all the details about what you owned, when stress could be at its peak.
Taking pictures of what you own is a good idea. Make time now to “Be Prepared.”