Protect Personal Records From Loss

The Nor’easter that hit Connecticut last weekend may be a real problem for people who have to file claims with their insurance companies. Could you put together an insurance claim if you had to document the kinds of losses this latest natural disaster is leaving behind? Could you prove what you own and the value of your property?

The task can be overwhelming. A lack of records may not only hinder financial recovery, but may shortchange consumers when it comes to being compensated for their losses.             

“Planning ahead is the key in the event an insurance claim must be filed,” says Lynne Grant, an educator for the University of Connecticut Cooperative Extension System. “Whether your claim is large or small, and the result of a natural or manmade disaster, the process of recordkeeping is the same.”

If you do not already have a household inventory, now is the time to compile one. The University of Connecticut Cooperative Extension System publication Record of Important Household Papers is a comprehensive tool for recording important financial information, property inventories and professional advisors. It can be ordered by sending $1.50 to the University of Connecticut CIT, Unit-35, 1376 Storrs Road, Storrs CT 06269-4035.

The extension center also suggests contacting your insurance agent about recordkeeping books that may be available from your insurance company.

Make a section for each room in your home and list all the property in those rooms. Do not forget to include the contents of the attic, basement, and garage. Attach receipts or bills of sale when possible.

Remember that some items may require appraisals, as well.

There are also computer programs available that can be used to make inventories.

Do not overlook the use of a camera when compiling a household inventory. Homeowners can also use a video camera to go from room to room documenting possessions. Be sure to photograph the outside of your home, including the landscaping, outdoor furniture, automobiles, boats, and other vehicles. 

Once the inventory is compiled, store it away from the home. The best place is probably a safe deposit box. It is recommended that a copy is sent to a trusted relative or friend who lives out-of-state as a backup.

Annually, review your homeowner’s insurance policy to make sure you’re adequately protected against loss. Consider replacement value options; the extra cost may pay for itself in the event of a major loss.