I was working with Microsoft Money last night and tracking all of my assets and my negative net worth (due to my car loan and my school loans) and found out that I should inventory all of the stuff that I have just in case of an emergency. Here are some of the things to keep track of.
First, your most valuable possessions. You should put down how much you paid for it and how much it would cost to replace today. This doesn’t have to be THAT accurate, but close enough in case of a fire or theft. Items that are harder to replace such as heirlooms and Rafael Palmeiro Bobble Head Dolls should still have a value assessed to them. Obviously, nothing too extravagant.
Second, your clothes and furniture. These items are hard to assess. Clothes should just be estimated as how much you think it would cost to replace the same items of clothing. Once again do not overvalue them. Do something realistic. Your renter’s insurance will need all of this information to assess how much to pay you if something were to happen.
Also, check with your landlord about their insurance policies and what is covered. Because if you happen to burn the place down are you liable? So be careful. I knew about renter’s insurance and am currently shopping for some. It’s only going to be about $10 to $13 per month depending on how much junk all you pack rats have! It might be worth checking out.
Blair Says:
February 8th, 2006 at 7:03 pmVisit Blair
Of course what happens when this emergency destroys your computer and microsoft money files and you can’t access the list! hahaha… First we all should do i buy a fireproof box to put the most important shit in, like this and passports, soc sec cards etc.
Jim Says:
February 9th, 2006 at 7:44 amVisit Jim
Also take pictures of the really important stuff and don’t forget to write down the serial numbers. It is easier to file a claim if you have a really detailed list of what is missing/destroyed.
Perry Says:
February 9th, 2006 at 12:59 pmVisit Perry
Both are correct. Obviously you would save your list to something else whether it be physical or digital.