Creating a Personal Property Inventory
If you are confronted with a fire, theft, or other loss, a personal property inventory will provide evidence of what you lost and can help you recover your losses with either law enforcement or your insurance company. It will be a lot harder to remember and provide proof of your loss after an incident. An inventory will help you.
A personal property inventory can be a written list, a spreadsheet on a computer, digital images or video, etc. You might simply go from room to room of your house recording everything that you see. Be sure to record information about big-ticket items. Where possible, include models, serial numbers, receipts for items that are difficult to price, etc. Make copies and keep them in multiple locations, like one at home and one at work or in a safety deposit box. Update the inventory every year or so and after major purchases.
After creating your personal property inventory, check your insurance to make sure that you are properly covered. Some basic homeowners policies provide limited reimbursement for items that have a high value like jewelry, artwork or collectibles, high end electronic goods, etc. You may need to add coverage by purchasing an insurance rider for these items. Some financial software packages have features to help you determine if you have enough coverage.