Tip #217 - Photo/Videograph all of your personal property!
That's what I re-learned out in St. Louis this weekend.A little small talk w/ a distant cousin turned into quite a discussion on insurance & personal property! I'm not sure how interesting it is now that i'm sober, but it's still just as important ;)
After being in the insurance industry for a good 5 years, the cousin had become tired of dealing with disastrious insurance claims, and took it upon himself to do something for the greater good (and for himself): He started his own business photographing/videographing all of his client's goodies! Freakin' smart right?
This way, if a fire comes through and sweeps away your belongings, you'll have a detailed record of EVERYTHING! According to him, only 4% of the population actually do this - and those who don't couldn't even come up with 50% of their belongings when it came time to itemize for insurance claims. SCARY to say the least. And oddly enough, i fall into that 4%! I must admit that i haven't updated it in 2 years, even after moving into our townhouse, but i'm still proud to say that i'm ahead of the curve :)
So, how exactly do you go about doing this? And more importantly, how long does it take? Well, all that depends on the amount of house that you have, as well as the number of things. It took me only about 30 mins when i was living in a 1 bedroom condo. For an average 3 bedroom house, however, it takes my cousin 5-6 hours. But he's also pretty hardcore and detailed - he takes pictures, and videography, of every single drawer in the house, and then lists them all down in one packet of paperwork.
He also makes 3 backups, in 3 different places and file types (think electronic & hard copies), so that he's pretty protected himself. And then he charges anywhere from $300-$1,000 accordingly. He'll then come back every 2-3 years too and update it for an extra charge. Smart man ;)
But he clearly admits that "anyone can do it! it's just a matter of spending the time - and some would rather spend their time differently". If you're already reading this, you're more than likely a DIY'er (do it yourself'er) anyways, so here are a few quick steps in saving a butt load of cash, and time, down the road:
- Take pictures of everything in your house! Start by snapping pics of all the walls, then go into all the cabinets and drawers. You don't have to snap a pic for each item, just chuncks of things at a time. As long as they come out clear and easy to see, you're ahead of the game.
- Walk around with a videocamera (or a digital camera w/ video option)! Start outside of the entrance, and just walk through all the rooms - opening up doors, cabinets, etc. Talk when you're walking around so that it'll pick up the names of the rooms you're in, as well as anything else you think is important.
- Make 3 copies of everything! store 1 in a safe/safety deposit box if you have one, 1 on your computer, and then another outside your house somewhere. Perhaps at a family member's or even a server if you have access to one. Just anywhere outside of the house. It wouldn't do you much good if the pics disappear in a fire as well ;) Unless you have a fire-proof safe, but even so it's not worth the risk.
- *Optional* - Type up/write down a list of all the major items, along w/ approximate value. I only say optional because while this makes your life even BETTER, it may be a bit much to get you started. I tend to not start things the more complicated they get, but hopefully you're different :) Just make sure you do steps 1-3 first, and then see if you're up for this last one....think of it as extra credit!
I'm telling you, it's totally worth it. And, if you KNOW there's not a chance in hell you're gonna do it, then suck up the cost and pay someone to do it for you - just make sure it gets done :)
Labels: advice, insurance, money hacks
posted by J. Money at
11:41 AM
16 Comments:
J this is an absolutely fantastic post and what a great business idea! I'm not sure it would be too popular in the UK because people are so secretive and private about their homes.
I'll definately be documenting our stuff asap, I live with my boyfriend and haven't even got a clue what kind of insurance we've got. I'll get on his case as soon as he gets in!
You know, I just wrote a post last week about why you need renter's insurance and it never occured to me that you should do this! Considering that most of us have at least $20,000 worth of belongings, it's really essential. I know I couldn't afford to replace them all.
Now that we all have digital cameras, it makes Tip 217 an easily accomplished task. Looks like I know what I'll be doing this weekend.
We actually did this as well.. my mother-in-law suggested it.
I really don't know what I would do if I lost all of the stuff we have worked so hard to get.
We have a copy in a fire proof safe, my Mother-in-law has a copy in her safe, as well as my father-in-law.
Its a great idea!!
My mother has been working on a business idea like this since my grandfathers home burned down in February. We actually used family pictures taken in the house to try and jog our memory for things we couldn't remember.
A lot of people are too lazy to do it themselves but if they ever have the task of trying to make an inventory of a household crammed with 30 yrs of stuff from memory they will wish they did.
Great post! I do love how drunken conversations can turn useful!
@ holly - Thank you much! Yeah, it really is SUPER easy to do, it's just a matter of getting up to do it ;)
@ youngmoneytalks - thx for the link, i'll have to check it out. That $20k is a cool figure too, never thought about how much my stuff is actually worth should a disaster strike (and i hope i never have to!)
@ mommy2serenityl - DANG, good job!!! you're probably in the top 1 percent :)
@ dolly iris - your mother is smart! maybe you can be her first client? haha...sucky about your g-father's place :( I hope all turned out okay!
@ nicole - oh yeah. a bit more came out too actually, but nothing else "financial" related...but a helluva good time, that's for sure ;)
Amazing post as always. I bet everyone that reads this over the next few days will be throwing business plans left and right trying to come up with some foolproof plan!
I am gonna start snapping pics this weekend of all my ish!
J - once again I am dazzled by your budgeting/personal finance prowess - what a fantastic idea, thanks for posting!
Great reminder! Thanks for the post, I need to get on top of this!
This is a really good idea. I don't have a video camera, but I do have a digital camera and a pad of paper. I think I am going to put this on my "to-Do" list ASAP. I live in a house that was built in 1847 - believe me, fire is very much on my mind!
awesomeness, i hope you all do indeed do it! every now and then i am reminded of some good ideas...it just takes someone to jab me sometimes ;)
There were a series of wildfires last year very close to our condo, so we took pictures of everything in our place. It was simple and quick and provided us a lot of peace of mind. Thank God we did not have to use them.
-1MansMoney
This is so very true. It makes your life so much easier when you're dealing with the insurance company. It usually leads to fewer hassles and a much faster check.
Jerry
www.leads4insurance.com
Make sure the archiver is insured and bonded! Otherwise you just let a guy take a 'guided tour' of your place before he robs it... Also, nothing to say that their computer system couldn't get hacked or they might get robbed. Than anyone could have a list of all of your stuff and where it is. I think this is a no-brainer do-it-yourself task!!
oh yeah, good points for sure. DEFINITELY make sure they are insured and bonded - don't want crazies coming in :)
Insurance companies should require people to do this. I think it would lead to savings for them in the long run. Good advice.
Jerry
www.leads4insurance.com
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