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For insurance, do as columnist finally did: Videotape possessions
By Betty Lin-Fisher
Published on Sunday, Sep 30, 2007
One day last week, I took about an hour and a half and rummaged through my house while videotaping it.
I opened drawers to video-tape the contents, turned our televisions around to record the serial numbers on the back, opened a cabinet above my refrigerator to show glass bowls we received as wedding presents 12 years ago that I doubt we've ever used, and videotaped all my husband's power tools (don't worry, guys, I put everything back exactly the way I found it).
Why, you ask?
I was taking my own advice, which I've given before, but honestly have never made the time to follow. I was completing a video inventory of the contents of my home, in case a disaster should strike my house and I have to file a claim with my insurance company.
I've had intentions to complete an inventory before. But probably like yours, my life is pretty hectic, and it wasn't on the top of my list of things to do if I had a few spare hours. And it was going to slip by me again, until I came to a realization when I was interviewing Mitch Wilson, spokesman for the Ohio Insurance Institute, the trade association for the property and casualty insurance industry.
Wilson was talking about the importance of having an inventory of some sort either on paper or video of the contents of your home.
''It really does help if there is a loss,'' he said. ''Especially when there's a total loss. If that tornado comes through and you're trying to remember everything that was on your bookcase, you can't do it. It's almost impossible to do. But when there's this detailed online inventory, or you can do a video, having that helps.''
An inventory should be updated every few years, or added to when you make any type of major home improvement or major purchase.
I understood Wilson's point about how important the inventory is. I admitted to him that I hadn't completed one. He, in turn, admitted that although he has an older copy of a video inventory, he is only about halfway through an online home inventory at http://www.knowyourstuff.org that he has already spent five hours on. (At that site, which is run through the Insurance Information Institute, you can list possessions and upload receipts and digital photos.)
So how was I to expect readers to complete a home inventory if I didn't do one, I thought to myself. Not only would doing one be good for me and my family, but maybe it would spur some of you to get one done, too.
I asked Wilson how long he thought it would take to complete a video of an average,middle-class-sized house. He estimated two to three hours by the time you go through and narrate what's in the room, open drawers to show what's inside (you don't have to take things out and narrate every sweater you have; it just gives an idea of what was in there) and turn around electronics to video-tape serial numbers.
Three hours sounded like a long time, but I told him I was up for it. But I also said that realistically, I didn't think most readers would take that much time. What if someone took 20 minutes, turned on the video camera and at least did a relatively quick pan of the house?
''Anything is better than nothing,'' he said. ''The video will help you and your agent put together a list of your possessions after a loss.''
Wilson said that even when there isn't a loss and you're not in a high-stress situation, it's hard to think about what possessions you have.
''Just try to go in the smallest room in your house in your mind and list everything in that room. I couldn't do that. Then when you get into your kids' rooms, I don't know half the stuff they have in there,'' he said.
What is involved
My inventory took me only an hour and a half over about a two-hour span (my battery ran out of juice toward the end, so I had to recharge). I think I did a middle-of-the-road job. I didn't pull everything out of drawers, but for some possessions, such as my china I rarely use, I opened the protective cases and took a close-up of one side and turned it over to show the pattern name.
I did the video during the day while my husband and kids weren't home, but if my husband had been home, it might have been easier, because one of us could have videotaped while the other opened drawers, etc. (I paused the camera at times to get something open, then turned it on again).
Once you do an inventory, either with a video camera or online (you can back it up on a CD or print it out), make sure you put the copy in a safe place outside your home. Perhaps keep it in a drawer at work or give it to a relative or friend who lives in another neighborhood or out of state. Wilson discourages giving it to a next-door neighbor in case a disaster such as a tornado would come through and hit the neighbor's house as well as yours.
I also grabbed the file with receipts and warranties of items in our house and made copies of those important papers and stuck the copies in the envelope with my home-inventory video.
I hope I'll never have to use that envelope, but at least I feel a little better knowing it's in a safe place outside the house. And Wilson joked that I've now shamed him into finishing his online inventory of his house.
Coverage checkup
A yearly checkup of your insurance coverage for both your home and autos should also be on your to-do list.
I also did this, and my husband and I are reviewing changes that better protect us on one policy and may save us money on the other.
It's always a good idea to check up on your insurance coverage because you don't want to be finding out what's not covered when you file a claim.
Wilson said, ''You should really each year get with your agent and say 'Let's sit down. Do I have any new cars? Do I have any new kids coming up (for coverage)? Have I refinished the basement?'''
Wilson said the yearly checkup is often a good way to make sure you are adequately covered for the next year.
''When I go into these reviews, I say 'Tell me what's not covered. I don't care what's covered. I want to know what's not covered,''' he said.
Your agent can then help you determine whether you'll need additional coverage or policies such as flood insurance orsewer-backup coverage.
For homeowners who have gotten the remodeling bug especially the popular kitchen makeover you definitely want to re-evaluate your home's coverage.
''The (cost of) cabinets and countertops alone, those are the types of things that could impact the replacement value of your home,'' Wilson said.
Betty Lin-Fisher can be reached at 330-996-3724 or blinfisher@ thebeaconjournal.com.
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