Everyone should keep an up-to-date list of belongings.
It's essential to be prepared in case of theft, loss by fire or other cause of serious damage. Yet the insurance industry estimates that only one in five homeowners has such an inventory.
The old-fashioned process of going room to room with a notepad and pencil is one way to accomplish this task, but new tools, including software and smartphone apps, make it much easier.
The latest is a new free offering released by the Insurance Information Institute, an industry trade group. It's available online at www.knowyourstuff.org or by using the III Inventory app, which is available in Apple's App Store.
You can enter a list of your belongings through either the website or the app, and the two will be synchronized. All the information is stored in a personal, password-protected account on an Amazon secure server.
As a starting point, there are lists of rooms and item types to make things easier. Photographs, scanned receipts, and appraisal forms can be uploaded. What's more, the software can generate several types of insurance reports, which is helpful if a claim needs to be filed.
A home inventory enables homeowners and renters to determine whether they have sufficient insurance coverage. After a loss, it also helps substantiate the amount of the loss for tax purposes or when applying for financial assistance.
While III's software is a recent launch, other inventory programs are available.
Check out the one offered by the National Association of Insurance Commissioners at www.insureuonline.org.
The application, called MyHome Scr.APP.book, is available for the iPhone and Android devices.
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