BOOMER JOURNEYS

By Alex Carrier, Special Correspondent
Published: July 2, 2008

Wildfires in the West.  Floods in the Midwest.  Tornadoes across the map.  The year 2008 is proving to be rife with disasters.
For most of us the hierarchy of importance is people first, then pets and finally material items.  The first two cannot be replaced but things can.  Or can they?
If you and your family were safe but your home and everything in it were destroyed would you be able to replace what you lost?  Insurance is what we rely on to make the leap from total loss to getting back to life before disaster. 
Unfortunately, many Americans are not insured in all the areas they need insurance and, if they have covered all loss scenarios, they are underinsured.  Even those with correct and sufficient insurance may not get what they deserve because they don’t know what they have.
Three important factors in protecting your home and lifestyle are having the right kind of insurance and sufficient coverage for what you would lose.  When it comes to replacing your losses, insurance coverage is not enough.  You need to have a compressive inventory of what you own. 
The Insurance Information Institute works to keep companies and consumers educated on changes and needs in the insurance industry.  They offer tips to assist in taking household inventory.
Though it is not a trip to the beach or an amusement park, summer vacation time is an ideal for doing a household inventory. Get everyone in the family involved. 
Set aside several hours depending on the size of your home and accumulation of items.  If you have a large home, you might want to consider doing one floor at a time.
Have all your materials before you start.  If you have receipts for big-ticket items, have them available to put with the inventory. 
A digital still or video camera is a new tool in taking inventory.  Use it to take pictures, espeically of unique items such as art or jewelry.  Make sure you get images of all sides of the item and close-ups of trademarks or other special identification marks. 
Write down identification numbers from items that have them.  Include model numbers and any other information that could help you in identifying lost or stolen goods and in replacing items.
Since the family is involved in the process, you may want to take time to relate the history of items or stories related to them.  If videotaped, this can be an especially valuable tool for family members in the future.  It also serves as part of your family history and makes sure future generations understand the meaning behind treasures passed down in the family.
This is also a helpful tool to place with your will.  The narrative of a video recording helps identify specific items and lets the recipient know the true nature of your gift.
Don’t stop with the big ticket items.  Replacing the things you need for everyday life means replacing everything.  When deciding on the amount of coverage you need to continue after disaster strikes, you need to include items such as clothing, small appliances and electronics, even the kitchen utensils will need to be considered.
Don’t forget to open cabinets, closets and drawers.  Inventory attics, basements and garages.  Time spent here may mean all the difference in your future if you have to make a claim and start over again.
Once you have your inventory, organize it so you can clearly find the information when you need it.  If you can, make more than one copy.  Give an extra copy to a trusted family member, friend or even attorney who lives away from you.
You may want to keep a copy for easy access in your home but do not store your only copy in your home.  If your house is destroyed, you may lose the vital information you need to reconstruct.
For a free software program to help you inventory your household, go to the Insurance Information Institute’s special website http://www.knowyourstuff.org.  The information on the site can help you remember all the ways you can protect your home and household.