Money Management Newsletter

Preparing for Hurricane Season

Dr. Jo Turner

Professor, Family and Consumer Economics

Floridians are constantly reminded that we are in the hurricane season and that the season this year is expected to be worse than last year. There are many things that individuals and families can do to protect themselves and their property from the destructive impact of storms. Two things you can do to prepare for disasters such as hurricanes are preparing or updating a household inventory and reviewing and updating your property insurance policies.

If all of your possessions were destroyed by a natural disaster, could you -- from memory -- list everything in your house, car, or even the hall closet?  Do you know the value of your property?  Do you know how many small appliances you own, complete with model name and date you bought each?  Do you know how much it would cost to replace your family's clothing, books, or tools?

When you purchase homeowner's or renters insurance you hope you will never have to use it, but purchasing insurance is only part of being prepared for a loss. If you are not prepared for a loss, you may not get the full benefit of the coverage you have purchased.

A household inventory of all your possessions  (written and pictures) is essential to help you remember what you own, when you are under stress that comes with disasters such as a hurricane.  A household inventory consists of a list of items that you own and the approximate value of each.  Ideally, receipts for furniture, appliances and other major durable goods should be placed in the inventory file to show actual costs.  It is a good thing to update your household inventory every year.

Preparing or updating your household inventory

The first step is to determine the type of forms that you will use in recording your possessions. You may obtain forms, booklets, and publications that are fill-in-the-blank Household and Personal Property Inventory Booklets from your insurance company, your county Extension office or online. One on-line resource is the University of Florida publication, Family Records, which is available in English (http://edis.ifas.ufl.edu/pdffiles/HE/HE98800.pdf) and in Spanish (http://edis.ifas.ufl.edu/pdffiles/HE/HE98900.pdf) Another online resource is The Household and Personal Property and Inventory Book available from the University of Illinois Cooperative Extension Service at http://web.aces.uiuc.edu/vista/pdf_pubs/houseinv.pdf. You can create your own book using a blank spiral-bound notebook or you can use a database computer spreadsheet program.   You may want to use a video or other camera for recording possessions. Some popular software companies also offer their version of household inventory forms.

Once you have the forms you plan to use, it is time to begin your inventory.  Do an inventory of each room.  Some people photograph or videotape each room and its contents to create a record of their possessions. You may want to photograph each room wall-by-wall, floor to ceiling.  You will probably need to take several shots of a single room with overlapping sections.  Open doors and drawers and take pictures to show what is inside. Remember you need to include a purchase price or estimated price of each possession.

Don't forget to inventory contents of tool sheds, toolboxes, garage, lawn furniture or other storage buildings.

If you have special objects such as an art collection, jewelry, furs, and antiques, you may need a qualified appraiser to establish value. Take extra care to document these items.  You may also need to review and update your homeowner's insurance policy to ensure that your property is adequately covered.  You may need to purchase a floater policy for added coverage.  Check with your insurance company for more information on special collections or items.

Preparing your first household inventory is a major task.  You will want to break it into manageable steps and inventory one room at a time. Make it a family project with everyone contributing to the project. 

Keep your inventory in a safe place. Place a copy with photographs and or videotape in a safe-deposit box and another copy at home. This will make it easier to update the inventory once a year and to add new items that are purchased while keeping a recent copy away from the home in event of a disaster.

Being prepared with a properly prepared household inventory can speed up the process of filing and collecting on a claim as well as provide documentation for all the items you own.