“Your Money” on CTV Morning Live

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CTV Your Money

Mar 17, 2015 - Create a personal property inventory

If your home burned to the ground and with it, most of what you own, would you be able to list all the contents for insurance purposes? A fire, flood or robbery is stressful enough. Any work you can do now to alleviate even a small part of that stress is helpful. Here are some tips on how to get it all down on paper, just in case:

  • Start by walking through your home with a digital camera and make a visual recording of your possessions. Make sure to linger on the more valuable objects, capturing information like brand names and models of electronic items.
  • Now, make a written list with as much information on the items as you can, including value and even serial numbers.  Keep this information stored digitally in a place that can be accessed remotely. If you have one, a safety deposit box at your financial institution is also a great place to keep a hard copy your inventory.
  • Ensure your list is accurate by having appraisals done for things like art and antiques and update your list regularly.
  • You will want to compare your list and the value of its contents against your insurance. Would your home or rental insurance cover all these items if they were lost? If not, you will want to upgrade your policy or add some riders.
  • Knowing what your possessions are worth is also an important part of an accurate net-worth statement and a must for estate planning.

Looking for more helpful information? Check out past segments