Everyone tells you that you must have homeowners insurance or renters insurance to protect your assets. After all, the property coverage in these insurance policies will replace any lost or damaged items in the event of a catastrophic loss. What everyone doesn’t talk about, however, are the steps that you need to follow to ensure that your can document your loss.
For the most part, insurance companies will give you some leeway when it comes to replacing generic items like clothing or kitchen goods. The problem comes when you own something special. Perhaps you have a state of the art Kitchen Aid mixer, rather than a standard hand mixer. Maybe you have a massive collection of CD’s that make your local radio station’s archives pale in comparison. Anytime you own something that is out of the norm, you really take the steps to document that asset.
Begin by taking pictures. Do you own a special piece of jewelry? Maybe you have an assortment of antique furniture that your grandmother gave you. Taking pictures of these items will prove that you truly possessed them and display their condition. While your camera is out, you should also take pictures of the various rooms in your house. These will help you when you have to list the more commonplace items for your insurance claim, too.
List your rare or expensive assets. Some insurance policies actually require that you name particularly expensive assets in the insurance policy. Even if you aren’t required to take that extra step, though, you should probably start your own list of assets. Write down the name of the asset, any details you can name about it (manufacturer, age, and special features), and attach the receipt if it’s available.
Store your records in a safe place. If you have a safety deposit box, you should place your asset listing and your pictures (or a CD with the picture files) in your safety deposit box. You can keep your records in your home, however, if you take the time to protect them. Place them in a fire safe to preserve them from any catastrophes they might need to endure.
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