If you don't already have a Home Inventory List now is a good time to consider making one. You'll then have a record to establish the value of what you own, help you assess your insurance coverage, the value of each item should it be damaged or stolen. Should a fire, flood or other hazard strike your home, this household inventory list could save your money - and headaches.

The task doesn't have to be overwhelming- the most efficient way to make an inventory is to go through your homw, room-by-room listing in case only a certain part of your home is damaged.

Write down what is in each room and a corresponding dollar value for each item in that room. You might consider taking pictures or making a video recording of each room; remember to include closet interiors and prominently display valuable item(s) in that room. Also keep in mind that having a family member in the picture will help establish your ownership, should you later need to file an insurance claim.

Write down a description of each item (including manufacturer or brand and serial number or ID number). You can engrave an ID number on items which do not currently have serial numbers.

Keep receipts and appraisals for valuable and big-ticket items.

Don't forget about the utility/work room, attic, garage, tool or implement shed, and any off-the-premises storage units.

Store your inventory list away from your home, in a safe-deposit box, your lawyer's office or at the home of an out-of-town relative or friend.

Make a note to review and "update" your inventory list at least once a year!

HERE ARE SOME OFTEN OVER-LOOKED ITEMS TO INCLUDE ON YOUR LIST:
* Small appliances; sewing machine, space heater, vacuum cleaner, humidifier, air conditioner.
* Artwork; posters, photographs, prints, sculpture.
* Entertainment; books, games, musical instruments, sporting equipment.
* Linens; most of us have accumulated an amazing array of bed, bath and dining/kitchen linens.
* Outdoor items; BBQ, lawn and patio furniture, garden tools, camping gear.
* Miscellaneous; fireplace equipment, holiday decorations, luggage, power tools.