Do you have a comprehensive and accurate record of your personal property? If not, you should.
You need to be sure that your homeowners or renters insurance reflects the true value of your possessions, including valuables, collections and expensive electronic gear. It's very easy for your insurance coverage to get out of line with the real value of the things you own and use.
And if you ever need to make a claim on your policy, the more information you have on those possessions, including serial numbers and receipts, the smoother the claims process will go. That will also ensure that you don’t overlook things in your claim, which is easy enough to do, believe me.
These days, it's easier than ever to record all those details but it can be a bit daunting starting out if you've never done it before.
The quickest and easiest step you can do is to make a photo or video record. With digital cameras, it costs next to nothing to go around your home taking lots of photos which can act as a memory prompt and proof of ownership.
Add to this record as you acquire new property, always making a note of serial numbers and costs or valuations.
Keeping receipts and other records is also much easier than it used to be. Yes, you can store them in a file, but that's no good if you have a fire. Better to scan them in and store them digitally, again keeping a copy off-site.
Scanners are cheap and easy to use, or you can use your camera, smartphone or tablet to photograph receipts.
If you need more help and you're tech-savvy, the Joyce, Jackman & Bell Insurors app for iPhone or Android allows you to catalog your home inventory.
The final important part of this process is to ensure you're properly protected against loss. It's not just the value that's important but also the coverage options -- for example current value or replacement value?
Certain high-value items may not be fully covered without an additional endorsement; it's important to identify these.
Let's get this done as soon as possible. Even if you haven’t completed your inventory it would be good to discuss your needs with your insurance agent.