Once you've completed your inventory, copy everything, including lists, appraisals, receipts, videotapes, disks, and computer printouts. Store your binder off the premises. Ask a friend or relative to keep a copy.

Be sure to update your inventory every four to six months. In the meantime, save receipts for any new items you'll need to add. If you make a major purchase, update your inventory as soon as possible. And remember to delete items you no longer have.

Is your Insurance what you want?

Too Many people find out after a loss that they should have increased their coverage amounts or purchased replacement cost coverage.

Add up all of your current estimated values to find out how much it will cost to replace everything, then compare this figure with your policy's personal property limit. This will be a good indicator of whether or not you need to increase your coverage.

Special limits on High-Value items

Insurance companies place special limits on valuable personal property, such as jewelry, silverware, artwork, tools, special collections, and firearms. If you own these items check your limits on your policy.

It's a good idea to have valuable items appraised on a regular basis and to keep your appraisals with your inventory.

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