Personal Property Inventory – Protecting Your Assets Wherever They Are
Home inventories are becoming more common as people learn how important it is to document their personal property. Watching others go through the agonizing task of listing everything they own when filing an insurance claim has encouraged homeowners to have an inventory.
In addition to having an inventory of one’s home, there are other locations that warrant a document of your contents. How aware are you of the need for an inventory for vacation homes, storage facilities and businesses?
Vacation home owners
Owners of vacation homes realize the importance of an inventory. According to a survey we conducted, 71% of those who own a vacation home are aware of this need. One respondent made a great point, “I can’t remember what’s in my permanent residence and I’m there every day. How could I remember what is in my vacation home when I’m only there 4 to 6 times a year?”
That is a very good question.
People who place items in storage facilities
Storage facilities are often full and even have a waiting list to rent a unit. That indicates how many people have items in storage. More than 70% of those taking the survey who have items in storage were aware they should have a list of those items. Unfortunately, most people admit they don’t have a list or photographs and couldn’t begin to tell you what is in theirs. One person told me, “We just keep taking stuff over there; out of sight, out of mind.”
These storage units are often rented for the summer months while the kids are home from college. Other times people find the need for a storage facility are when they downsize and their children want the furniture once they have room for it, when a parent must move to an assisted living facility or nursing home, when moving and there are weeks or months between moving from the old house and into the new or while they have their house on the market to remove some clutter and furniture.
A surprising low 34% of the business owners surveyed stated they were aware they should have a detailed inventory of the assets owned by the business. Many stated they didn’t realize they needed it because they have a depreciation schedule. The rule of thumb to depreciate an item ranges from $500 – $1000. How many tables, chairs, filing cabinets, small appliances, desks, etc., will not make it onto the depreciation schedule? An inventory will supplement your depreciation schedule, providing you with the information you’ll need when you file your insurance claim or police report.
Your permanent residence, vacation homes, storage facilities and your business – an inventory is essential wherever you have our belongings.