One great way to ensure you're properly compensated after a loss is to keep an inventory of all your possessions. This is important because keeping a written document will make filing a claim much easier. It will also help identify any items that may need extra coverage your policy currently doesn't provide.
The best way to prepare an inventory is to go from room to room, recording each item and its value. A video camera is a great tool for this. Remember to include the items in your basement and garage. To make it simpler, you may want to record only larger items with values of $50 to $100. Include all furniture, jewelry, appliances, carpeting, artwork, clothing, etc. Make special note of any items that have an unusually high value.
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It's important to update your inventory every few months to keep it current. It's also wise to keep receipts with your inventory as they provide undeniable proof of purchase. Keep two copies of the inventory, one for you in a fire safe box and one for a trusted family friend. This will ensure your inventory is safe if you should need it.
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