We’ve been so super busy we haven’t had the chance to update content in a while, so we were lucky to get our hands on this guest post that lets you sort out the stuff you already have (so you can make room for more new cool stuff).
5 Reasons to Take a Home Inventory
The thought of going through everything in your home is daunting and probably the last thing that you would want to do on any given weekend. However, it can be of great value to you in a number of ways, by using the home inventory sheet at Real Simple you could get started right away. Don’t worry, remember that it doesn’t all have to be done at once, one room a week will have you finished in no time!
Redundancy – How many coffee pots do you really need?
Yes we have garage sales but how often do we really go through everything in our storage and garage or sift through the things that lie beneath the surface? How many times do we have to go out and buy another hammer or another household item because we have no idea where the original one is hiding?
Streamline your household contents, and then you sell or donate your extras to reduce the clutter. Taking a thorough home inventory allows you to not only take stock of what you do have, but allow you to make some extra spending money from what you don’t need—or gain a tax incentive for donating. Then you can organize what you do have and put together a smart financial plan for adding things to your home.
Replacement Value – What’s it really worth?
Do you have any idea what your “big ticket” items are really worth? Take the time to go through your valuables and have them appraised. Jewelry, designer furniture, electronics and keepsakes could all be sources of hidden income or hidden losses you could expense, depending on the circumstance. Take photos or videos of the items so there is a physical record of valuable property, which will aid in any possible future insurance claims.
Renters Insurance – Your stuff, your responsibility!
In today’s housing market there has been a shift from ownership to renting. When you own a house you have your things protected under home insurance, but with renting we often forget that in the event of a loss we would not be reimbursed. Generally your landlord’s policy will only cover the structure—and not your furnishings or belongings. Taking a home inventory can allow you to purchase the right policy to reimburse your losses. For a nominal monthly fee you can have peace of mind of knowing that your coverage is correct and your possessions are adequately documented.
Hide and Seek – Do you really know what you have?
We all remember that ring grandma gave us but do you know where it is? Or do you even have it anymore? It’s such a bummer when you haven’t seen something for a while, and are secretly hoping that it will pop up eventually. It would be better to take a home inventory and face the music now. When you move from place to place, and the same boxes move along with you, you may never really know what’s missing until you open them. Besides the awesome photos of you from grade school, there may be something valuable to discover as well.
Where Art Those Important Papers?
If you were out of commission for any reason, would your family know how to handle your affairs? By taking an inventory of your paperwork, you can efficiently organize all of those important family documents that will allow you to feel confident in the case of an emergency. Let your family know the whereabouts of your “vital documents” folder in case of sudden illness or incapacitation. Also consider keeping a duplicate record in a safe deposit box or give it to someone you trust in case of a total loss of property.
Taking an inventory is an arduous task but by doing it now you could improve your financial position as well as your state of well-being. Companies such as docuhome.com are there to help you organize and complete your inventory; have it online would make it convenient to share with a trusted family member or estate attorney.
Finding the right plan for your loved ones is difficult. Liam Murphy provides Key Insurance Quotes to make this planning easier for families.
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