Documenting Your Insured Property

Donna Adams, CLU, provided this article. Donna owns a local State Farm Insurance agency in Wichita Falls, Texas.

Determining ownership and the value of stolen property for claim purposes following a fire or theft is difficult when there's no proof of ownership. But you can rest easier when you have completed a home inventory. Here are some tips to help you:

• Include the name and address of appraisers on all appraisals.
• Record serial numbers of theft-prone items.
• Keep receipts with the description of the item.
• Remember to inventory closets (including sporting goods), the attic and the basement.
• Keep a detailed record of antiques, jewelry, silver, major appliances and collector's items.
• Update your home inventory when you make new purchases.
• Use a camera or a video camera to record your inventory.
• Date pictures, slides and videotapes.
• Take wide-angle pictures of the entire room and several close-ups to capture the detail of items.
• Substantiate ownership by including a family member in pictures.