Let’s See, I’ve Got a Receipt Somewhere

Natural disasters make headlines each year, and 2017 has been no exception.  To the best of my knowledge, friends of Atlas have escaped relatively unscathed despite living in Florida, Texas, New Orleans, California, and on the east coast.  It is The Golden State’s turn to lead the stories above the fold as Santa Ana winds fuel fires from Ventura to Los Angeles to San Bernardino. 

Many have lost virtually all of their possessions this year as Harvey and Irma devastated wide portions of the Gulf Coast, and now Southern Californians are facing similar fates.  Of course, a regional disaster is not required for a family to lose nearly all of their belongings; everyday emergencies strip families of their worldly goods.  While starting again is never easy, there are steps to be taken which can help the process.

Creating an inventory of your family’s belongings might take some effort, but the work will be worth it in the event you ever need to make an insurance claim.  It may also help maximize the payment.  Fortunately, technology is making it easier to document your possessions.  Most readers own or know someone who owns a phone capable of recording video.  Using these ubiquitous tools, methodically review your items in each room and storage space; be sure to describe any unique qualities (e.g., the planes on these stamps weren’t supposed to be inverted).

Keeping receipts is helpful as well.  Doing so should help prove the value of your items.  They will also provide the specifics about your belongings; you don’t want to be reimbursed for a flip-phone when you just purchased the latest smartphone.  Of course, receipts are only helpful if they have not been destroyed in the disaster as well.

Keep copies of receipts off-site.  Cloud storage can be handy.  Check to see if the photos you take with your phone are uploaded to a cloud service.  Additionally, USB sticks in a safe-deposit box provide a slightly lower-tech option as well.

Finally, keep your inventory updated.  If you have restored the Nash Rambler convertible, document it.  You’d be heartbroken if the time and money spent restoring the barnyard find couldn’t be recouped because you didn’t properly record the coupe’s overhaul.  In other words, keep an ongoing and updated list of your valuables as your estate evolves.  Hopefully, none of us experience the devastation, however, if you do, these relatively simple steps will help your recovery efforts.