By Cara Baruzzi, Register Business Editor
cbaruzzi@newhavenregister.com

There are certain steps many people take to protect themselves in case an unforeseen disaster strikes — buying insurance policies and taking other precautions, for instance — but few likely would be able to list all of the items in their home if they needed to for insurance reimbursement purposes.

That’s why financial experts urge consumers to compile a home inventory, to make it easier to replace items that are lost in thefts, fires, natural disasters or other incidents that result in a house becoming a partial or total loss.

“People feel that it’s a much bigger job than it really is,” said Camille Murphy, a certified public accountant at Bailey Murphy & Scarano in Branford. “A lot of people shy away from it.”

But having an inventory of items in the home is in people’s best interest, she said. If something happened where part or all of the house was destroyed, knowing what possessions were in the house will help speed insurance reimbursements and provide documentation that could be useful in other ways, she said.

Having a catalog of the home’s contents also makes it easier to identify any losses homeowners may want to claim for income tax purposes, she said.

Those who keep an inventory will have “one less thing you have to think about” if disaster strikes, Murphy said.

And even if the home is never damaged, taking stock of what a house contains gives consumers a realistic sense of what they have and how much insurance they need to cover it, according to the Connecticut Society of Certified Public Accountants.

The society offers the following tips on compiling a home inventory:

ÇGet started. An inventory is a list of what is in the home, including a short description of each item. Collect any information on the items in the home, such as purchase receipts and any appraisals that have been done. Organize the inventory by room and list everything that is in one location before moving on to the next.

This may seem daunting at the outset, said Murphy, and some will feel overwhelmed. Continued...

• 1
• 2
• 3
• See Full Story

“Start small, go room by room, get a general outline, she said. “You can always go back” later and take pictures or shoot video to go along with any written notes that are taken.

Instead of going through a closet and listing each item of clothing on the inventory, use more general terms such as “12 men’s suits” or shoot a photo of the closet that shows what is in it, she advised.

ÇDon’t forget pictures. Take a photo of every room that will help back up the information in the written inventory. Attach the pictures to any written documentation of items.

Another option is to make a video of the house, walking slowing through each room and describing what’s being shown on camera.

ÇFocus on the valuables. Even small and inexpensive items can add up for homeowners who have to replace them all at once after a theft or disaster, so include as much as possible on the inventory.

Just as clothing can be counted, rather than listed by individual item, the same goes for china, silverware and linens.

Pay close attention to the most valuable items, such as jewelry, art, antiques and electronics. Include as much information, and pictures, of these items in the inventory. Also, contact an insurance agent to see if additional coverage is needed on valuables.

ÇKeep it safe. Once the inventory is complete, it is important to keep it in a safe place — outside of the home. Storing it in the home is useless if the house is somehow damaged or destroyed.

Keep it in a safe deposit box or give a copy to a trusted relative or friend, Murphy said. Ideally, it should be a person who lives outside the homeowner’s geographic area. Those who are nearby may suffer from the same natural disaster, for instance, that damaged the original home, Murphy said.

Another wise move is for homeowners to e-mail a copy of the inventory to themselves so they always have an electronic copy, she said. Continued...

• 1
• 2
• 3
• See Full Story

“Those are really important things to do, and so simple,” she said.

Contact Cara Baruzzi at 203-789-5748.

• 1
• 2
• 3
• See Full Story

• 1
• 2
• 3
• 4
• See Full Story

• Return to Paging Mode