by Cindy Hartman

Created on: July 22, 2008   Last Updated: March 17, 2012

Knowing what you own is important for many reasons. Compiling one can be time consuming, but there are home inventory companies who will document the contents of your home for you.

• Disasters 

Everyone faces the possibility of a fire, tornado, theft or other disaster. When these situations occur, a personal property inventory will provide detailed documentation of your home's contents and ease the claims process. You'll recover faster, and according to the Insurance Information Institute, usually with a higher settlement.

• Moving 

A great time to create an inventory is when you're moving. You'll have all the appliances and electronics unplugged, so listing model and serial numbers will be quite easy.

If you're hiring a moving company, compile the information prior to the move. Take photos and log the items as you pack them. The photos will prove ownership, in case something is missing, and will also show the condition of your belongings before they were loaded onto the truck. If you're moving yourself, document your items while unpacking. You will be able to list your personal property in the proper rooms (the preferred format).

• Storage

A local police officer stated that there are burglaries on a continual basis at self-storage units. But they have security access codes, you're thinking. Yes, they do, but who is to keep the people who have a storage unit from breaking in to the others? Most storage facilities have an alarm system and cameras, but not 24-hour guards. Professional burglars can be in and out before the police arrive.

• Financial Planning 

You've worked hard for decades, making sound investments. Now you're concentrating on getting ready to retire and making sure there is enough money for the children's or grandchildren's college. Then a disaster occurs; will you recover sufficiently? If not, what will that do to your retirement plans? Your children's or grandchildren's college plans?

Your estate value will also be less because of the diminished investments. All the plans you had for your family and charities must be reworked, or possibly eliminated because the funds you needed to recover from the disaster made these changes necessary. One inventory of the contents of your home can help keep this financial issue from happening!

• Estate Planning And Settlement 

Your executor will most likely be required to provide an inventory of your contents to the state. Think of the emotions your son or

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