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Home Inventory Video
Imagine a nightmare scenario. Your home has been destroyed by a fire or once-in-a-lifetime storm. The possessions you have worked hard to accumulate are destroyed in just a few hours. Devastated and at a loss of words, you find yourself talking to an insurance adjuster trying to give an account of all you have lost.
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Navigating this scenario can be a tall order considering the number of things you lost and your emotional state as well. At this moment, having a record of all the items you own can be your biggest asset. I recommend clients keep two types of documents just in case an event like this happens.
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- Home inventory video
- A list of high-value items in your house
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Create a Video of your Assets
In the early 2000s, there was a show called MTV Cribs. In this show, a celebrity would walk around their house and show off what they have. They would show off each room and even their cars. This is what I recommend doing.
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Take your smartphone and record yourself walking around and describing the things you own. This can be a fun activity for a family. It may also help you find areas where you can declutter. Don’t forget to video the things you have in your garage, outside your home, hallways, attic, basement, and car.
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Follow the 1% rule
Create a list of all the items in your home worth over 1% of your annual gross income. For example, if you make $70,000 a year, anything worth $700 or more should be documented on this list. The value of the item should be aftermarket value adjusted. If you bought a TV for $1,100, it might only be worth $300 aftermarket. If you make $70,000 per year, that TV would not make the $700 threshold even though you bought the TV for $1,100.
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List the following information for each item that meets the 1% rule.
- Description of the item
- Brand
- Retailer
- Purchase date
- Estimated value
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Please make sure these items are the highlight of your “MTV Cribs” video. Even going as far as taking different angles and views of the object.
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Save both the video and the list utilizing the many free cloud storage services available. I like cloud storage just in case your home is destroyed, your files will be off-site and readily accessible. Consider updating your inventory video and list at least once a year.
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This exercise should only take a few hours, but the peace of mind it will bring will provide you with better sleep at night.
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