Knowing Your Home Inside and Out

By Maren Cox,
The M and M Team
Coldwell Banker Residential Real Estate
Phone:  727-822-9111 ext. 219
Fax:  866-560-5161
E-mail:  maren.cox@floridamoves.com

Dear Friend,

In the last few years, tragedies like Hurricane Katrina and the fires in Southern California have been a cruel reminder that natural or other disasters can strike suddenly, at any time, anywhere, and sometimes, without warning. Experiencing a loss of your personal property as a result of a fire or natural disaster can be devastating. Most of us have a collection of household items that we have compiled over many years — in times of loss, trying to remember those items so that they can be replaced can be extremely difficult.

That’s why my Client Appreciation Program this month is about conducting a home inventory. Taking this important step to protect your assets is vital — it helps you to determine how much insurance you need, whether you need special riders to cover priceless family heirlooms, and — in the unfortunate event of a loss — it provides proof for your insurer of what items need to be replaced. And while your first priority in such a crisis is to protect your family and property, it is also important to protect against the financial consequences of a disaster. .

Considering that most of us would have a hard time remembering what we had for lunch last Tuesday, being able to remember all the items we have stored in the hall closet seems that much more daunting. Protect yourself from having to rely on memory, and give yourself some peace of mind, by getting started today!

Everyone can benefit from a home inventory Whether you’re an apartment renter, a high-rise condominium dweller or a home owner, everyone is subject to theft, fire or natural disaster. As an exercise, try to take a mental inventory of just one junk drawer, and then imagine having to do that for your entire home after a fire. You might have an elephantine memory, but trying to remember everything after it’s gone is a monumental task. Getting started is the hardest part. Use the tips listed below to make the most of your efforts. Everything Counts .

Get Organized
• Taking the time to record serial numbers, collect receipts and take photographs now can save you a lot of time later. Insurance claims are processed more quickly and are more likely to receive full compensation when they are supported with visual evidence of ownership. Schedule a Photo Shoot

• In addition to making a list of items, take pictures of rooms and large or important items. On the back of each photo, make a note of what is shown, its value, make and any serial numbers or special identifiers.

Round Up the Troops
• Enlist the help of the entire family. Assign a room to each family member, or use a camcorder and have each person take turns describing items for the camera.

Move It!
• Conduct a home inventory when you move. As you pack your items for each room, take photographs and note the serial numbers. This way, you’ll also have detailed information in the case that something is lost or damaged during the move.

Keep Duplicates!

• Make a copy of your inventory to keep in a fire-proof safe at home, but most importantly, keep another copy in a safe-deposit box, at your office, or any safe location away from your home.

Consider Extra Coverage

• If you have special items such as expensive jewelry, fine art or rare antique collections, you may wish to purchase extra coverage — called an endorsement — to protect those items.

A variety of personal finance software packages now include home inventory features, and a number of free or inexpensive programs are available for download online. Just make sure that you burn a copy of the file to CD for offsite storage. Here are a few of the many programs available for download online:

www.mycroftcomputing.com/eiown.html
www.contactplus.com/products/freestuff/mystuff
www.kzsoftware.com/products/homemanager (free trial version)
www.knowyourstuff.org/