If you’ve been following the news in Edmonton you know that there was a condo building that burnt down late last month, and we had a close friend own a condo in that complex. While his unit was unharmed by the blaze, he had to leave all of his belongings until the engineers deemed that it would be okay to go back and collect his belongings. The blaze was started by a cigarette bud in a potted plant and it’s estimated that there is 11 million in damage. It’s extremely unfortunate and hundreds of people lots all of their possessions. While I’d like to think I’m not that attached to many of my things it would be a pain financially and other wise to have to replace all of the things I once owned. This begs the question?
Do you have proper renter’s insurance?
Whether the answer is yes or no, there are things people need to realize about renter’s insurance… some policies cover the depreciable value (market value) not the cost you acquired the item for. Meaning you could get substantially less than what you paid if this were to ever become an issues.
So what’s the solution?
The answer is something I have been putting off SINCE I STARTED THIS BLOG. Shame on me!
I don’t know why I never made this a priority, but all I can say is I’m grateful it wasn’t my unit that burnt down.
Open an account with: Know Your Stuff
This allows you to categorize, itemize and inventory your belongs. You will then assign value and pictures to everything you own. If you have an expensive closet, perhaps you own some nice suits or a designer gown, then you’ll want to assign a value to these things for sure. So my August will consist of purging the house and valuing everything we own. Just in case.
It’s a pretty simple web interface that allows you to organize your home by room and add items as you see fit. For example the first thing I added was our bed. We own this black Ikea Malm bed frame:
I took a screen shot of the item and uploaded it and filled out the rest of the information that I knew.
After you add an item you can go back to the main screen and see how the value of the contents of your home. You will also be able to add information about your insurance policy.
It’s important to have this information online and not just in an excel document stored on your computer. If your home burns down in a blaze you will loose all of your electronic documentation unless it is stored somewhere else. This is a pretty tedious exercise, I’m not going to lie, but I would rather spend the time and know that if something ever did happen I would be prepared.
Other useful insurance information:
A physical copy of your home inventory that you can store in a safety deposit box