A Personal Property Inventory is the process of documenting all the valuable items that you own. This is important because it can help you get valuables back if you are ever the unfortunate victim of a crime, of a natural disaster or an accident. Having an inventory will also help you in the process of filing insurance claims when necessary.
What Needs to be Taken Inventory of?
The home is a warehouse of important goods. Whether they have value from their price tags or simply because they are cherished goods, there are many important items in your home. Anything and everything of personal or monetary importance should be taken inventory of:
How to Take Inventory?
The process of taking inventory might not be as exciting as the result. In order to get the job done properly, you will have to take some time, because you need to be as meticulous as possible to collect all the proper information.
Important things to remember during this process:
· Keep copies of your inventory forms and photographs of your valuables in a safe place, accompanied by your insurance policy, and any other valuable documents that you may have.
· All important information and documents should be kept in an easily recoverable location. The best approach is to have a safe box, either at home or in the bank; which is also more likely to survive a disaster.
· If you keep receipts, scan them and store them digitally on a memory card, hard disk or USB, and have multiple copies. It is good to keep a physical inventory, but remember it could be damaged, destroyed or lost. Having digital and physical records is the best approach.
· A good idea is to create a digital file (Word, Excel, etc.) and email it as an attachment to yourself from your own email. That way you could recover the file from any computer in case yours is lost, damaged or stolen.
· You could also use online cloud-based tools, as physical digital storage could be damaged or lost. We suggest keeping record in all three places, local storage, physical digital storage and online.
· Update your inventory annually, or whenever you add new and/or important to your possessions. Have a system that allows you to update information easily and in real time without any hassle.
The more structure the process has, the easier it will be for you to manage it. List inventory items under specific categories that can quickly distinguish items. Technology allows to make this process simple, so use it to stay organized.
There are many reasons why you would like to keep records of your valuables and personal property; especially if you ever need to file a Police Report or a claim on your homeowners or renters’ insurance. You will appreciate having proof and detailed descriptions available of whatever it is that you might have lost.
If you ever need to file an insurance claim, the process will be much smoother having enough and in-depth information about the items you own and their value. You will also need to make sure your insurance policy reflects the true value of your insured possessions.
Crime Watch – Crime Prevention Specialist
Indianapolis Metropolitan Police Department – North District
605 E Westfield Boulevard, Suite 100
Indianapolis, IN 46220
Office: (317) 327-3781
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