Secure your Future – Have a Home Inventory & Appraisal

Guest Blog Entry #25, Entry #281, September 20, 2010

Your home is usually the largest investment that you will ever own.  The belongings and your family are THE most prized possessions that you want to protect.  Today, my guest blogger Judy Moore from Taking Stock, LLC explains the importance of conducting a home inventory of your belongings and getting them appraised. At any time your home can be endangered, be prepared.

Have your home belongings appraised

Do you have a home inventory of your family’s belongings?  We don’t tend to think about it until we’ve been hit by a burglary or natural disaster, but it’s important to have an up-to-date home inventory before disaster strikes.  The amount of your insurance settlement will depend on how well you document the items in your home.  Insurance companies demand documentation before

Judy Moore

paying out claims, so you can never have too much documentation.  In addition to making a video of every room in your house, I recommend writing down model and serial numbers for your expensive items, such as flat screen tvs, computers, electronics, appliances and tools.  Don’t forget to include items in the basement, attic and garage of your home.  Keep this list with any receipts you have for these items and store your home inventory in a safe place outside your home.

Once you’ve completed your home inventory, you may find that you need to get appraisals for some of your valuables.  Appraisals should be performed by a qualified appraiser who specializes in the category of items being appraised.  Know the appraiser’s field of expertise.  There are three professional organizations that set standards for appraisers.

These are:

Appraisers Association of America (AAA)

International Society of Appraisers (ISA)

American Society of Appraisers (ASA)

An inventory of your belongings will save you money in the future

Many appraisers, such as those who give appraisals on Antiques Roadshow, also belong to the Appraisal Foundation.  The websites for these organizations also have lists of their members, so you may be able to find an appraiser in your area.  Bring the appraiser any documentation of the history of the items being appraised.  This is called “provenance” and helps establish value.  If you want an appraisal for insurance purposes, be sure to tell the appraiser, as the resale or auction value for an item may be different from the insurance value.

Finally, now that you have your home inventory and appraisals for your valuables, make sure that you’re adequately insured.  Many standard homeowners insurance policies only offer coverage of about $1500 for jewelry and $1500-$2000 for artwork.  Talk to your insurance agent about any additional coverage you may need.

Judy Moore is the founder of Taking Stock, LLC in Mesa, AZ.  Judy has performed many home inventories for clients in the Phoenix area.  She is also the creator of the Taking Stock Home Inventory System, a do-it-yourself version of the home inventory service she provides to clients.  Learn more about the Taking Stock Home Inventory System and visit Judy’s blog at www.TakeStockToday.com.

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