Protecting Your Assets

Posted at 5:36 AM, Sep. 24, 2008

It is a sign of the times.  Recently, my in-laws had their home broken into for the first time.  What is shocking about that it is that it was in the middle of the afternoon, the neighbor was outside working on his house, and my in-laws are retired.  Whomever robbed them took a great risk at guessing when they would leave the house and for how long.  As you can imagine, they were very distraught about it.  They had lived in their home for over 35 years and had NEVER experienced something like this.  To make matters worse, the theives stole very specific items that in reality, weren't worth a whole lot, but were priceless in my in-laws eyes.  Items that were handed down generation to generation. 

Here is a question you should ask yourself.  Could you list everything in your closet from memory?  If not, take this opportunity to make it a priority to catalog items of value.  Do you know how much it would take to replace your family's clothing?  How about furniture?  Electronics and computers?  Your entire kitchen-ware?  Start by listing items with current value and supported video/pictures along with any identifying marks such as serial numbers.  Do your best to gauge current market value.  You may have a video camera that is 10 years old, but if you had to go out tomorrow to replace it, what would you realistically spend?  Place your inventory list with sales receipts in safe keepings like a safety deposit box or burn it onto a CD and store elsewhere.

For extra tips, video tape individual rooms from top to bottom.  Then take close ups of items of high value, i.e. silverware, china, crystal and such.  When you have finished each room, go to closets, attics, basements and garages and do the same.  Don't forget to catalog tools and appliances.  These items are costly and easily overlooked.  Leave yourself a reminder to update every 3 years. 

If you have any collectibles or items without a bill of sale, get them professionally appraised.  You want documentation of what it would cost to replace the items, even those items that are considered irreplaceable. 

By taking some preventive steps you can ease the suffering brought on by a theft or loss.  It can happen to anyone.