Unless you live in a hurricane zone or have a taste for the exquisite, property insurance doesn’t regularly cross our minds. Once you own a home it becomes more of a consideration, but people still fall short in estimating the true value of what they actually own.
Starting out, we have very little, and often discount those items. Seems silly to insure our used futon doesn’t it? Maybe this ties into the disposal mindset we treat our possessions with, but I think it has a lot more to do with lack of documentation.
There’s tons of suggestions for tracking our property from maintaining binders of original receipts to making video documentaries of your residence, but I’ve absolutely fallen in love with this FREE software solution – What Your Own Home Inventory.
From the program itself…
This software will enable you to create a room-by-room inventory of your home. Having an up-to-date home inventory will help you to:
- Purchase enough insurance to replace the things you own
- Settle insurance claims faster
- Substantiate losses for your income tax return