Singapore - Inventory List
Why do you need it?
Moving is always a stressful experience. Now imagine transferring the
contents of your home - prior to moving - onto a piece of paper… with all
the hundreds of other things to do!! But in order to insure your shipment,
this is what is required of you.
And even if you are not moving, this inventory is useful, in case your
home or any other property is damaged or stolen. In such
a situation it comes in handy having a photograph of the
items and their values stored somewhere to refer to for the insurance
claim (if you are insured of course!).
Some policies pay for items that are lost, stolen or damaged outside the
home; this type of policy pays if: you lose a diamond ring, you damage your
computer while travelling or someone steals your wallet from a hotel
room. If you own a home, personal property insurance can be part of the
homeowner's policy.
In any case, lost, stolen or damaged household possessions can be more
easily replaced or identified if you keep the purchase receipts and the
items recorded in on a video tape or in photographs. This practice is
called "creating a household inventory" and it's something that you should
do regularly if you own anything of value, such as jewelry, furs, rugs, art,
computers, furniture and collectibles. If you don't have receipts, get
a written appraisal or a value estimate for each item.
A household inventory will also make it easy to determine whether
you have sufficient insurance coverage and, in the event of a claim, helps
to verify losses easily. Updating a bit at a time is easier and more
efficient than doing it all at once at the time of relocation.
Store this list and documents (receipts, photos etc.) in a safe place (if
you can, purchase a fire resistant safety box, if not you can use the
bank safety deposit box). Keep an additional copy at home. As
you compile the list, save it on your home computer and e-mail a copy
to your office or to a person you trust.
You can have your copy of the documents and inventory list safely saved on
you private space on 'MY PAGE' here at Paguro. So if you
have not yet created your inventory household list, you can do so
here.
To get started, you might want to organize your work by rooms (kitchen,
bathroom, living room, master bedroom, child bedroom, garage etc.). For
appliances, tools and other instruments, write down the serial numbers of
cameras, computers, TVs, and stereos, together with the model number and
year of purchase. Go through wardrobes, closets and drawers. For
clothing, go by category (coats, dresses, suites, shoes etc.) and list the
overall number, making a separate recording of more expensive items, such as
furs or unique designer clothes.
It’s better to keep a list of your general household items and a list
for valuables, since - for the latter- you can consider having a
separate insurance policy and you might wish to update the policy, should
the value increase significantly over a period of time.
Added or optional coverage may not cover the increased value of your
valuables.
Also do not overlook the difference between the “contents’ actual cash value
insurance” and the “replacement value insurance”. If you insure only
the contents’ actual cash value, depreciation will affect your insurance
claim settlement amount. For example, a dining table you paid $2,500
for five years ago, will cost you $2,900 to be replaced. If your policy
covers the replacement value, you get $2,900.
The depreciated value on the other end is lower, because the table is older;
its value being around $1,200.
If your insurance policy covers only the contents' actual cash value (i.e.:
the depreciated value) you receive a refund of $1,200.
