Homeowners and renters alike need to take time out and catalog a list of their possessions in the event of an emergency. A Home Inventory Report should be kept off-site, such as in a safe deposit box, to help you get an accurate settlement from the insurance company when filing a claim or reporting a break in since the burden of proof is your responsibility.

To prepare a Home Inventory Report, start with a pad and a pen. Make a list of all the possessions and valuables for each room. Don’t rush through the list to make sure you cover all important items. If you have receipts for any of the merchandise, keep them with your inventory list. If you do not have a receipt, but can remember the approximate cost of your items, list it on the inventory sheet.

Next, take pictures of your inventory items. Using a digital camera would allow you to create a photographic list on your computer for free. A standard film camera will also work well but the cost of film developing can become expensive. If you have developed film, keep your inventoried list in a sturdy photo album to keep the pictures in good order.

It is really important to remember that as you add new belongings to your home, you must take pictures and catalog the amount. Save all of your receipts and make sure your know what items were purchased on each individual receipts. Statistics have shown that less than 20% of homeowners actually have an up to date lists of their home inventories when tragedy strikes and they need to file a claim or make a police report.

One more reason a complete home inventory is important – by having an orderly list of your possessions, you will also be giving yourself a more accurate perspective on whether or not you have enough or too much insurance on your personal belongings.

Doing Inventory Is Not Just for Businesses was created by and is property of American Consumer News.

Many people consider their pets to be a member of the family. In that regard, pets are often spoiled and enjoy the same comforts as their human counterparts. Pet owners have been known to take it to the extreme in some cases. We’ve already read a story or two about the billionaire who left everything to Fluffy the cat or the millionaire dog that now lives alone in a palatial estate. I used to think people who purchased pet insurance were in the same category. However, realistically those who are willing to do whatever it takes to make sure their pet is healthy, may find pet insurance a good policy to have if they otherwise could not afford a large bill in emergency situations. It is relatively inexpensive, costing on average between $15 and $28 a month, depending on the type, age, and breed of the animal. Coverage is generally divided between basic and premium.

When shopping for a plan, you should pay attention to what it will cover, such as which illnesses, injuries, and treatment options are included in the plan. Pre-existing conditions are usually not covered. Most plans will carry a deductible of $50 or more and require a co-payment. Typically, most plans will obligate you to pay the amount in full at the time of service and then file a claim for which you will be reimbursed at a later time. Owners, who wish to insure more than one pet, may be able to get a discount on the insurance plan.  There also may be discounted programs available through animal-related organizations.

Purchasing insurance for your pet is really no different than buying it for yourself or your family. You need to shop around and compare plan benefits to get the best policy for you. Make sure the monthly premium payments are within your budget and before signing any agreements, be sure the company is legitimate and you are confident you are clear on what benefits are included.

Insurance Is For The Birds…and Other Pets was created by and is property of American Consumer News.

Protecting yourself as a renter is important. Any number of things can happen at any time. Like a homeowner, you need to look closely at insurance. Many insurance companies offer an HO-4 policy that will cover your personal property from such things as fire, lightning, vandalism, theft, damage caused by plumbing, heating, or air-conditioning problems, and explosions. Two things rental insurance will not cover is loss from earthquakes and floods. A separate policy is required for that type of coverage if you are living in a region where that would be a concern.

Insurance companies offer policies based on Actual Cash Value, which pays for what your belongings were worth at the time of the damage or theft, and Replacement Cost Value, which will reimburse you for what it costs to replace the items.  If you bought a new mattress five years ago for $1,000, ACV coverage would pay you for what the mattress would be worth today; an amount considerably less than it was five years ago. With RCV, the insurance company would reimburse you the amount it would cost to buy a new mattress today. Most insurance companies use the ACV policies, which carry lower premiums than the RCV coverage but the ACV policy also will pay out less money that the RCV. Both types of policies also will subtract the deductible first.

Like most insurance, your premium for renter’s insurance will depend on where you live and other factors. Keeping a higher deductible can keep your monthly payments lower. There are discounts available for things like smoke alarms and fire extinguishers. It is important that you keep an accurate and updated inventory of your all of your property. A good way to keep track is to videotape everything you own. Keep the video and all receipts for items in a firesafe or a bank safe deposit box off premises. In the event something does happen, you will not need to worry about retrieving your documents from your home.

ARE YOU COVERING MORE THAN YOUR RENT? was created by and is property of American Consumer News.