Let’s talk about personal property coverage.  What is personal property?  I tell my insured’s, an easy way to know what is personal property and to calculate the limits is to ‘turn your house, condo or apartment upside down.  Everything that falls out is your personal property.’

Now, not everyone is going to remember the cost of every piece of property you own, but you can estimate the cost of the item if you don’t have receipts.  Of course, it’s best to keep all your receipts, especially on high price items.

Take an inventory of your personal property: go to each room and make a list and mark down the cost of each item.  You’re going to want to visit the garage and anywhere else you store your personal property.

Use this list when you discuss how much coverage is needed for your personal property with your insurance agent.

After you have completed your inventory task, then it’s time to go through each room again and record your personal property on video.  Doing so, provides further proof of your items in the event there is a loss or claim on your insurance policy.

Lastly, store your inventory log and video in a safe place, preferably away from your home in case a loss or claim occurs.  I personally store my inventory list and video in 2 places, at home, work and on my personal computer.  Always back-up the inventory log and video on a zip drive.