If the President needs an inventory, don't you?

Yesterday's post talked about the home inventory that is conducted at the White House each time a President leaves office. The Clintons had to prove ownership of items they took with them, and ended up having to pay for some items and return others.

If the President of the United States needs to have proof of ownership, it makes sense that the rest of us need one as well. Here are just 3 examples showing the need for an inventory:

• After the theft of a 46" TV, the adjuster asked the policyholder to prove he owned a television of this size. When he could not, he received a replacement settlement of only $400.
• A fire destroyed a kitchen of a homeowner who was an excellent cook. She had numerous expensive spices. The standard that her insurance company pays for spices is $35 total. To receive an equitable settlement, she was required to sift through the melted rubble, pick out the spice bottles, and prove the value of each (some of the spices cost over $30 each).
• A college student's dorm room was broken into and many of his belongings were stolen. When he listed 30 CDs, he was required to list the title of each before the insurance company would settle the claim.

Knowing what you own, and having proof, will save you hours of work and lessen the emotional stress when the time comes that you are required to file an insurance claim. And, this goes without saying, your settlement will be much higher.