Free Home Inventory Software: An Interview
with the Insurance Information Institute

KnowYourStuff.org is website that offers a free home inventory software program from the Insurance Information Institute (the III), a non-profit communications organization that is supported by the property casualty insurance industry. Jeanne Salvatore, Senior Vice President of Public Affairs and Consumer Spokesperson for the III provides practical reasons for why you need a home inventory and some tips on how to make the inventory process fun and easy.

Jeanne Salvatore, Insurance Information Institute

We believe that taking a home inventory is one of the most important things you can do to make the best of your insurance dollars. With a home inventory:

• You can be sure that you are purchasing the right amount of homeowner's, renter's or casualty insurance.
• It will help if you have to file a claim. We don’t always remember what’s in the downstairs closet!
• It can provide you with a detailed list of what was lost if you are the victim of a big disaster and you need to support the amount of your loss for insurance or tax purposes.

We provide the KnowYourStuff software at no charge because we are a non-profit organization and we feel that the software will encourage people to do a home inventory – and it makes it fun and easy. The software lets you take advantage of technology by keeping the information on a disk. You can make copies of your disk for safekeeping. We also offer optional off-site storage of your information at a small cost.

1. Just do it. Don’t be daunted by the task of taking the inventory.
2. Make it fun. Get everyone involved, even the kids.
3. Take pictures. A digital movie camera makes it particularly easy since you can just keep the electronic pictures with your home inventory. If you don't have a camera, buy several disposable cameras from the drug store and have the film developed onto a disk for easy storage.
4. Go room by room. Open all the drawers and closets and name or make lists of what’s inside.
5. Inventory items outside your home. Do separate inventories for all areas where you have belongings such as:
   • Articles that are being taken to a dorm room
   • Items in an off-site storage unit
   • Items you take to a house you might rent for a month
6. Save the information on disks. Save the inventory on a disk. You can also save the photos on disk or tape.
7. Go high tech or low tech. A home inventory does not have to be high tech. What is most important is to have the inventory list. Low tech works fine – just buy a few disposable cameras, make a list, develop the film to a disk and store the disk with the list away from your home.
8. Count everything. Making note of high ticket items is important, but the little things add up to a sizeable value. You also need to record the twenty towels in the linen closet and their brand. If you have lots of CDs & toys, you can record that you have twenty CDs - you don’t need to name each of the CD titles.
9. Get the kids involved. Make it fun. Have them open their toy chest and tell you what’s inside. For older children you can make them the video director. Younger children can help you count.

With Know Your Stuff, the inventory can be taken quickly. It's a fun process and it's easy to make copies of the final inventory to store away from your property.

But an electronic home inventory is not the only way to go. It is easier to update, but a paper inventory works well also. The key is to just do it – make the inventory. The method you use is really secondary.

You should update when:

• You have a major purchase, like a big screen television.
• You remodel your home and make purchases to fill up the new rooms or areas.
• There are changes in your life at home, like a son or daughter moving back home or a parent moving into the household. Whenever people move in they bring stuff!

Don’t be scared to do a home inventory. It’s really important and it will make your life easier to buy insurance and to file a claim.

The features and benefits of the software are detailed on the Know Your Stuff website. You can also download the software at no cost from the website.

LoveToKnow Insurance has more information on home inventories:

• Free home inventory software programs
• Tips on conducting a home inventory
• Home inventory forms for each room in your house
• Help on finding a company to do your home inventory

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