How To Inventory Your Property

Useful and informative information from the USAA Educational Foundation

"Keeping an up-to-date inventory of your possessions is essential to ensure that you can smoothly file insurance claims in case of theft, fire or other damage and get the reimbursement you are entitled to receive. This information is also vital if you claim property and casualty losses on your income tax return.

While it may take a couple of hours to complete, it is well worth the time. Once the inventory is done, you need only update the list periodically.

• For appliances and electronic equipment, record the serial number, usually found on the bottom or back of each item. Where possible, note purchase dates.

• It is also a good idea to file receipts or copies of appraisals that establish the value of jewelry, paintings, Oriental carpets and other expensive items.

• Supplement your written inventory with photographic records. Videotaping has become increasingly popular because it can provide an overview of all your possessions, not just particularly valuable ones. It’s best to tape each room with drawers and closet doors open to reveal contents.

• Your inventory, photographic records and other documentation are best stored away from your home, in a safe deposit box, with a copy of the written inventory in a file at home or in your desk at work.

• For convenience, keep a separate, central file of all warranties, with corresponding proofs of purchase and operating instructions for appliances and other equipment. This is also the place to store maintenance and repair records for vehicles, boats, tractors and other valuable equipment.

Among the records to be filed in this category include:

• Birth certificates

• Marriage licenses

• Passports

• Diplomas

• Divorce decree

• Power of attorney documentation

• Adoption, naturalization or military discharge papers

• Vaccination records for children and medical histories for all family members

• Pension or other fringe benefits due you

• Records of your family tree

Military Records

It is useful to create a separate folder for filing important military records including the following:

• Form DD214, which verifies separation from active duty. This form summarizes all important information relating to service, including promotions, medals, schools attended, locations and dates of service and type of discharge received. Information on this document can be essential to obtain Social Security benefits and to qualify for Veterans Administration loans or burial in a military cemetery.

• Your retirement orders

• Copies of both your last active duty pay statement and your first retired pay statement. The pay statements could be critical in the future if you discovered an error in how your retirement pay was being calculated. These documents will help you figure the proper amount due, given your starting point plus inflation adjustments over the years.

• If you were granted VA disability, keep a copy of the VA Award letter on file, and if you are retired for disability rather than length of service, retain copies of your medical board and physical evaluation board records as well.

Wills And Life Insurance

Finally, properly storing your will and life insurance policies is crucial because of the need for accessibility upon your death. Letting someone know their location is just as important, particularly since only the original will is considered valid in many states.

A safe deposit box is a good choice only if you have checked with the bank first to ensure that the box would not be temporarily sealed by the bank or tax authorities after your death. Usually access is restricted, and it is better to keep the original will and your insurance policies in a fireproof safe at home.

For supporting documentation, store a list of your insurance companies and policy numbers in the safe deposit box, and give a copy of the will to your lawyer so that it can be quickly reproduced should the original become lost or destroyed. "

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