Documenting Possessions

Documenting one’s possessions is important especially when determining the value for insurance purposes. Documenting possessions should be done for a number of reasons. These include having a total of all the items a person has in their home, determining the proper amount of coverage to carry on a policy and to know what items are missing or gone in the event of a loss. Many people do not think to document items for one reason or another and as a result have no idea how much their possessions are worth.

Documenting possessions especially those in an apartment or home is important in order to know how much and what type of items a person has accumulated. This is because in the event of a loss from theft or fire it will be substantially easier to figure out which items have been lost. Another benefit includes the ability to easily change or items that have been documented. When getting an insurance policy either as a renter or a home owner a specific amount needs to be provided for the contents portion of the policy. While it is not always an easy task to document items it can lessen the issues incurred after a loss.

Contents as it applies to insurance includes all items that are contained in an individual’s apartment or home. The total value of all contents is what is used to determine the amount of contents coverage that is indicated on a home or renters insurance policy. Contents for the purposes of insurance includes items such as appliances, furniture and electronic equipment. Items such as jewelry and coins that can fit in a safe can be separately scheduled on a policy. Scheduling items is basically itemizing specific contents and indicating a specific dollar amount per item.

One benefit to documenting items is that is will help to figure out what is missing or destroyed in the event of a loss. This can be due to a peril such as fire or theft. While no one wants to be the victim of a loss it does help to be prepared in case one happens. This is when having documentation of all the items in an apartment or house will benefit the home owner. However, any documentation needs to be stored in a safe place so it is not susceptible to being destroyed. It is of no benefit to go to the trouble of documenting all of the items in a house or apartment and then having the documentation lost.

Many people do not realize the amount of possessions they have and even what they are worth. As a result these people are totally unprepared for a loss. In fact, people that don’t keep track of what they have probably do not even have enough coverage for the contents they do have in their apartment or home. This can have many serious consequences when suffering a loss.