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Inventory household possessions in the event of a disaster
STILLWATER, Okla. – Powerful acts of nature have been capturing news headlines around the state. Many Oklahoma residents have experienced powerful tornadoes, wildfires and flooding over the last few months.
If you have yet to do so, now is a good time to take careful inventory of your possessions. You may have some valuables that need to be professionally appraised, said Eileen St. Pierre, Oklahoma State University Cooperative Extension personal finance specialist.
“A complete inventory is so important in the event of a tornado, fire, flood or other disaster,” St. Pierre said. “You probably wouldn’t be able to remember all the belongings you have accumulated over the years if they are destroyed. If you have an inventory list, you will be in a better position to settle your insurance claim quickly and substantiate your losses for tax reporting purposes.”
In addition, an inventory will give you a complete picture of what you own to help determine if you have adequate insurance coverage.
The inventory list should include information such as a description of the item, make and model, serial numbers, place of purchase, the purchase price and either the replacement cost or appraised value. Try to keep receipts with the list.
“If you’ve been in your home for a number of years, it can be easy to feel overwhelmed at the thought of inventorying all of your belongings. Start with one area at a time and work your way through the house. Photograph or videotape each room in your home. Open closet doors and drawers. Don’t forget to document items in storage sheds and the garage. If videotaping, include yourself describing each of your items as you walk through the house,” she said. “Remember, an incomplete list is much better than no list at all.”
To help make the inventory task easier, there is free home inventory software available at www.knowyourstuff.org. This software is provided by the Insurance Information Institute. You can access the Institute’s Web site at www.iii.org. You must register to use it. The software allows you to e-mail your inventory list to family or friends. For each room of your house, you can upload files containing digital photos and scanned receipts of all the items in that room. You can even add photos of the exterior of your house.
“Make sure you know what your insurance does – and does not – cover. Despite having a complete inventory, if you don’t have the right kind of insurance it won’t do you any good,” she said. “Standard homeowners insurance does not cover flood damage.”
Once the inventory is complete, store all of the information in a secure, fireproof place such as a bank safe deposit box or a home safe. You may also want to forward digital photos and important documentation to yourself or a trusted relative/friend at a Web-based e-mail address. That way you can retrieve it quickly once you regain internet access.
“It’s hard enough to deal with the destruction of your home and property in the event of a disaster. Having an inventory of what you own will help ease the process of rebuilding,” St. Pierre said.
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Oklahoma State University, U.S. Department of Agriculture, State and Local Governments Cooperating: The Oklahoma Cooperative Extension Service offers its programs to all eligible persons regardless of race, color, national origin, religion, gender, age, disability, or status as a veteran, and is an equal opportunity employer.
Trisha Gedon
Communications
Specialist
Agricultural
Communications Services
136 Agriculture
North
Oklahoma State
University
Stillwater, OK 74078
405-744-3625
(phone)
405-744-5739
(fax)
trisha.gedon@okstate.edu
