Personal Inventory Worksheet

If you lose your home to a fire, the standard homeowners insurance policy will cover the cost of damages. Just make sure you report the loss as soon as possible. You'll want to get in touch with your agent or broker and file a claim right away. Report how, when and where the damage occurred.

After that, subtract the cost of goods sold from the cost of goods available for sale. The figure will be the amount of inventory that has been destroyed in the fire. For example, $275,000 minus $80,000 equals $195,000 which is the amount of inventory destroyed because of the fire.

Property inventory is a written tally of all of a taxpayer's personal property. This inventory will also denote how much was paid for each item and when, along with each item's current market value.

Begin your list with by writing down each item by room name (ie, bedroom #1 or living room). This will also help you find things and organize if you move. You can group items like clothes within the same item. If you have 25 shirts and 10 pants, it's OK to group them instead of writing down 35 different entries.

Pick your software and storage methods. Scribbling on a napkin or taking a few snapshots is OK, but many better options exist, some of which cost nothing. List your possessions. Take photos and video. Don't forget important paperwork. List valuables separately. Keep copies away from home.

A personal property inventory in place before a claim ensures that your claim is filed promptly and completely, which means that you'll get it settled quickly and accurately, and get your life back to normal. You can also use an inventory to determine if you have adequate coverage for your possessions.

Save Undamaged Possessions Any items that are not damaged or destroyed should be put in a safe place, even if it means putting them in storage. You will find that things the fire did not burn up may be ruined by smoke, soot, or the water used to put out the flames.

Draw a diagram of your house: Creating a floorplan of your home and labeling each room helps jog your memory about what was in each room. Walk through your house: Once you're told it's safe to go inside, look for any salvageable items and note what you see that needs replacing.