In researching for a program on Creating House Hold Inventories, I learned that a house hold inventory is important for more than being able to prove a loss.
Having a good inventory will help you with:
- making a will or trust
- establishing your wishes for disbursing personal property
- preparing your taxes
- passing an audit
- obtaining warranty repairs
- determining your net worth
If you get in the habit of updating the inventory when you make a purchase, you might reap the extra benefit of having the information you need at your fingertips if an item needs a warranty repair.
According to the National Association of Insurance Commissioners (2012):
• Fifty-nine percent of consumers do not have a list of their possessions.
• For the ones who have a list of inventories, there were many inventory list inadequacies:
– 48% do not have receipts,
– 27% do not have photos of their inventories, and
– 28% do not have a backup copy of the inventory that is kept at a location outside the home.
- the item name
- original price
- quantity of goods
- serial numbers
- year purchased
If you are doing this on a computer you can even add images of your product and receipt
Additional information that may be helpful:
- room location
- current value
- replacement cost
- model number
- place of purchase
- location of receipt
- expected life