Most people take things for granted. Over the years, experience has shown that after an unfortunate event, like a fire, it can be difficult and stressful to remember all your possessions, let alone put a value on them.
Completing these inventory sheets and keeping them updated will help you maintain a record of your belongings and their value. This inventory will also provide a check to ensure that currently you have the appropriate amount of coverage.
Tips for completing the inventory sheets and other suggestions:
- Take pictures or video footage of the belongings in the each room.
- Keep any bills, receipts, warranties, product manuals; they can serve as proof of ownership.
- Retain this information along with updated inventory sheets in a safe place like a fireproof box, a safety deposit box, with a friend, or even at your desk at work.
- Be sure to update your inventory lists from time to time.
You may also want to make photocopies of important documents and store these copies with this inventory, examples are:
- Personal - Birth certificates, passports, insurance certificates, credit card numbers, will
- Finance - Bank Account numbers, stocks and bonds certificates, RRSP documents.
- Home - Deed, Title, Insurance policy, lease.
- Tax - Copies of tax returns for the past 6 years, documents, receipts, etc.
Most policies limit the amount of reimbursement for theft of valuable items such as Jewellery, Artwork, Furs, Coins, and Silverware. Your inventory might reveal that you need additional insurance to properly cover these items.