![]() When using electronic inventory lists, you should preferably scan or photograph receipts for your items. Create a spreadsheet or table with main columns for the item name, original price, quantity of goods, product image, receipt image, and year purchased (Figure 1). To choose the best method for your inventory, you need to know how the end product should look. Main steps in creating a household inventory are choosing a method(s), doing a thorough inventory, and keeping it safe and having backups. If you insure your property, talk to your insurance agent about the ideal inventory listing. There are three more important things to help recover stolen items or settle insurance claims:Ī good inventory list will include all of this information. It is recommended that you have a homeowner’s insurance policy to protect your home and belongings against loss. – 28% do not have a backup copy of the inventory that is kept at a location outside the home. – 27% do not have photos of their inventories, and For the ones who have a list of inventories, there were many inventory list inadequacies:.Fifty-nine percent of consumers do not have a list of their possessions.According to the National Association of Insurance Commissioners (2012): Without one, people may have difficulties proving ownership and listing items that were lost. In this publication, we will discuss the household inventory, the reasons to have one, and how to have a solid one.Ī household inventory will be very useful for making insurance claims, making a will or trust, determining your net worth, and organizing your household inventory. Having a detailed list of household goods will certainly help prove ownership of the items that were lost. Policyholders usually end up telephoning their insurance agent days or even weeks after a loss to add forgotten items to the insurance report. Many people are also so overcome with emotion after a fire or theft that they cannot think clearly enough to remember everything that was destroyed or stolen. Most homes have dozens of small yet valuable articles that are not as conspicuous as a chair, a television, or a DVD player. After a home-related disaster, the ordeal of trying to piece together a list of what was stolen or destroyed can be stressful and frustrating. Household loss could also be the result of natural and non-natural disasters such as fires, tornadoes, hurricanes, floods, landslides, earthquakes, and volcanoes. is excluded from the ranking Source: Federal Bureau of Investigation (2013) Prevalence of Property Crimes, Rate Per 100,000 Inhabitants, 2012 In fact, New Mexico ranks thirteenth in states with overall property crime prevalence and fourth for burglary. Many claims were not honored because people could not prove ownership with sales receipts, appraisals, photos, videos, or other documents.Īs laid out in Table 1, the prevalence of different property crimes in New Mexico is higher than the national average. Although hundreds of claims were made, more than 40% of the stolen items were sold at public auctions. Nearly 7,000 burglary victims in that area filed past the display of Welch’s loot at police headquarters. ![]() In 1980, police in Fairfax, VA, raided the home of master thief Bernard Welch and found $4 million of stolen jewelry, art, antiques, silverware, and gold coins. Guide G-532 Fahzy Abdul-Rahman College of Agricultural, Consumer and Environmental Sciences, New Mexico State UniversityĪuthor: Extension Family Resource Management Specialist, Department of Extension Family and Consumer Sciences, New Mexico State University.
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