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Inventory of household items (for insurance)

post #1 of 15
Thread Starter 
So I was reading an article online from This Old House and they were talking about insurance and they recommended downloading the program on this site http://knowyourstuff.org/ to make an inventory of your entire house, for insurance purposes. I downloaded it and it seems really neat, you can attach pictures of everything etc. However, are you really supposed to list everything? I have collections of old movies and disney movies, should I list each one seperately (old movies can be expensive!)? And what about little knick-knacks and stuff like that?
post #2 of 15
Our insurance agent sugested we list everything, and video tape the whole house. Keep the list video and receipts for major purchases in a safety deposit box along with your insurance info. Then if the house burns down it's all there.
post #3 of 15
Hmmm that sounds like a good idea. I have never considered doing that.
post #4 of 15
But would they honestly pay the collectible value of those items? For example, I have mint first edition OOP import cds worth around $50+ to those who collect that sort of stuff. Actual price of a cd at time of purchase would be around $22. I imagine it would be the same with movies, even the OOP collector Disney movies.

Though DH and I need to start packing soon. I'll be making a rough list of a lot of things just so I have an inventory of my own.
post #5 of 15
IMHO you should make a video tape of everything in your house from furniture to stuff inside cupboards and closets and storage rooms and even the pictures on your walls. Then put it in a safe deposit box in a bank for safe keeping. Do a new video every 6 months if you have been buying stuff, and especially after purchasing big ticket items like new furniture and appliances.

If it's not recorded it's in the insurance company's eyes you didn't own it.
post #6 of 15
Quote:
Originally Posted by strange_wings View Post
But would they honestly pay the collectible value of those items? For example, I have mint first edition OOP import cds worth around $50+ to those who collect that sort of stuff. Actual price of a cd at time of purchase would be around $22. I imagine it would be the same with movies, even the OOP collector Disney movies.

Though DH and I need to start packing soon. I'll be making a rough list of a lot of things just so I have an inventory of my own.
Well, what they will pay is totally dependent on what your policy covers -- among other things, depreciated value or replacement cost -- but they're sure as heck not going to pay for something you can't prove you owned. I think for the basic stuff, a video of your living space and the stuff in it is often sufficient for things like CDs, since it does "document" that you had however many CDs etc. They're not likely going to get worked up over whether it's 250 or 260, but they will about whether it's 50 or 500, and they know the rough value. But if you have collector's items, it would be worth having specific shots of them, so you can prove your claim. But, again, check your policy -- if it doesn't cover replacement cost, you'll likely get a lot less than that.
post #7 of 15
I would ask at the insurance agency about perhaps adding to your policy. I know if you have jewellery valued at more than the amount covered in the policy, that you can pay an additional sum to cover that additional value. You do however have to provide them with appraisals to back it up though. So the same may be possible for your collectables.
post #8 of 15
Quote:
Originally Posted by Natalie_ca View Post
I would ask at the insurance agency about perhaps adding to your policy. I know if you have jewellery valued at more than the amount covered in the policy, that you can pay an additional sum to cover that additional value. You do however have to provide them with appraisals to back it up though. So the same may be possible for your collectables.
This insurance for jewelery isn't all that expensive either. If you can record your serial numbers, model numbers, name brands of the big ticket items if you ever have a fire, or hurricane it will make the replacement with insurance much easier. I have my whole house inventoried. I used to do fire damage restoration and it sucks trying to remember everything in your house. BTW most insurance companies don't offer actual cash value policies anymore, most policies are replacement cost only. They had way to many complaints when people figured out the insurance company would take off for depreciation. Although, some companies do take off for depreciation until you prove you have actually replaced the item.
post #9 of 15
List EVERYTHING because all of your possessions can be replaced (except pictures, etc). Take lots and lots of pictures. We did it last week before the hurricane and so glad we did. When my sister-in-law was robbed 3 years ago she couldn't remember alot of her things but she took pictures of her things and that helped greatly. Good luck!
post #10 of 15
You need to check with your insurance company on the collectible items. They may require an appraisal to be on record before they cover the replacement cost.
post #11 of 15
We have riders on our policy for the expensive jewelry and the fur but not for anything else specific. We do have the list of serial numbers on the computer and other electronics.
post #12 of 15
I had called my insurance company about my bike I bought this summer. They said to keep the receipt/serial #.
Our vintage tractors we have the receipts saved from the purchase/restoration costs.
Thats the best we can do.
If you have outbuildings like we do they should be inventoried/video'd also.
post #13 of 15
Quote:
Originally Posted by WELDRWOMN View Post
Hmmm that sounds like a good idea. I have never considered doing that.
Are you aware this is post number one thousand for you? Congratulations!
post #14 of 15
Quote:
Originally Posted by psjauntie View Post
This insurance for jewelry isn't all that expensive either.
i inherited my grandmother's wedding set. insurance [replacement cost, btw] is around $100 a year. i did get it appraised, of course.
post #15 of 15
Several years ago, my m-i-l gave each of her sons an old famly watch. They were in pieces and she promised to get them in working order. My husband's brother got to choose first - but my husband got the gem.
The watch was made in 1895 an is 18 carat gold. The jeweler kept it in the safe during repairs. I can't beleive a pocket watch is worth that much.
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