Could you list (and accurately value) all your personal property from memory? In the event you need to file a claim, a complete inventory of all your possessions can help you document your loss. A written description should include the date of acquisition, original cost, and any improvements. Serial numbers, if available, should be recorded, and any receipts you have should be attached to the list.
Not sure keeping an inventory is all that important? You should. Here is what a former insurance company employee said about how documentation plays a huge role in your claim:
You're probably aware of the importance of having enough life insurance to cover expenses if you were to pass unexpectedly. If that happened, would your family be taken care of? Sometimes, a simple benchmark of 10x your salary is sufficient. A better approach might be a "needs analysis" which looks at your family's most important goals and obligations. Here are some things to consider when looking at life insurance through a needs analysis.
Most people couldn't bear the financial hardships resulting from unexpected events, such as a house fire, car accident, disability, or the premature death of a family member. This is why a personal risk management strategy is one of the most important components of your financial plan.