Asset Protection
People lose millions of dollars each year because they do not prepare for water damage, fire, burglary, or some other type of disaster. There are a few steps each member should follow to ensure that their assets or possessions are protected:
- Create a home inventory
- Document Preservation
- Adequate Insurance
Home Inventory
Here are the steps to completing a good home inventory
- Keep accurate records. You need to make sure that you keep track of the items in your home. Your records need to include a description of the item, model number, serial number, original purchase date, and original purchase price.
- Keep receipts. Keep as many receipts as possible. This is a good way to show ownership of the product. The receipts will show the original purchase date, original purchase cost, and the serial number. You insurance company will want proof that you owned the items.
- Take photos or video tape. Another good way to show ownership is by videotaping or taking photos of the items in the house. For items of high worth, you can take individual close ups. For smaller items and furniture, you can take photos from several angles of the whole room to get full exposure.
- Have two copies of your records. Make sure that you keep a record inside the house and one outside the house. The perfect place outside the house is in a safety deposit box at a bank.
You can click on the image below for a downloadable and editable copy of a sample home inventory document.
Document Preservation
Prepare all additional important documents. Other important documents you want to keep in the safe could be: will, trust documents, personal and family records, cherished photos and keepsakes, business files, legal and financial documents, birth certificates, deeds, titles, cash (rainy day fund), duplicate keys, a record of bank and credit account numbers and phone numbers, financial portfolios, copies of licenses (vehicle, professional, marriage, etc…), family videos, and any other item that would be difficult to replace. Keep the originals in the safe, but make copies to be kept in the safety deposit box.
Adequate Insurance
There are three main insurances you need to worry about are life, health and property. You need to make sure that these are adequate for your family’s needs in an emergency. The best thing to do is to contact a professional insurance agent and they will walk you through the process to ensure you have adequate insurance. The home inventory mentioned above with help out with your property insurance needs.
Related Posts
