Over six million burglaries occur each year in American homes.  That rounds out to be one every ten seconds, while one residential fire happens every 82 seconds.  Insuring your valuables is a must, especially with today's theft and fire rates.  That's why it's a good idea to keep inventory of all your valuables before a problem might occur.

          There are many ways to keep inventory of what belongs to you and many computer and on-line software programs to help you do it.  No matter what way you choose, the basics are the same.  For the most accurate inventory, the homeowner should make documentation of personal property with serial numbers, receipts, and appraisals.  And it's also best to take photographs and videotape your belongings.

          First, let's cover the documentation.  The homeowner should go room by room keeping record of what's valuable by making a list.  The list should include:

          Name and Description

          Model and Serial Number

          Purchase Date and Place

          Original Cost

          Estimated Current Value

          When it comes to the estimated current value, a professional appraiser is sometimes necessary, especially for valuables such as antiques, artwork, and jewelry.  With the right documentation you will receive more accurate and higher claim settlements from your insurance company than if you only guess what the item is worth.  Many times valuables may increase in value since the date of purchase.  These items should be re-appraised every one to five years to determine their worth.

          Second, there are photographs and video.  Some insurance agents will tell you its okay to do one or the other.  If you pick just one, then go with detailed photographs but it's always better to go with both.  If you are using a video camera go room by room panning the room with the camera from left to right.  Then videotape individual items from top to bottom.  If you are taking photographs, use a digital camera and go room by room.  Take all pictures of smaller items in a close-up mode for detail. For a larger item use normal settings that you would use for a portrait picture.  When finished make a cd or DVD of the photographs and video. 

          It's best to keep the documentation, photographs, and video of your valuables in a safe deposit box outside of the home.  You can also use an on-line service that you can access from any computer, in case your home computer is damaged.

          No matter the value of your inventory, choose a homeowners insurance that will adequately insure you against loss due to fire, theft, flooding, or other disasters.  In some cases, breakage is covered as well.  Insurance policies should be done whether you own a house or rent an apartment if you have anything that is antique or rare it is recommended that you get a “rider” to your insurance policy.  A rider is an extension to your insurance policy that broadens the limits of your homeowner’s coverage to allow for additional items.  Remember, a good time to sort through a problem is before it happens.  Take inventory of your valuables now before you fall victim to theft or fire.