I F A R MANAGEMENT Patricia L. Powley > * Extension Home Economist Financial and Consumer Issues Protecting Your Household Possessions When a bam or shed bums, many farm families are quick to account for everything that is lost, such as the exact number head of cattle, number of bales of hay, pieces of equipment or machinery. As a farm family, you keep records of these items, if for no other reason than, because you’re in a business. However, if you were asked to make a list of your possessions - clothing, household furnishings and appliances, gardening and automotive equipment, jewelry, etc. - could you do it? It’s not easy to do this from memory. But if your house was destroyed by fire, you would need to complete such a list to be compensated by your homeowner’s or renter’s insurance or to claim tax losses. To setde insurance claims, it’s important to have a detailed list of losses, proof of ownership and documentation of value. In your farm household, you need to take a clue from the busi ness side of your farm ~ take NAZARETH BUILDING SYSTEMS, INC. Nazarath, PA PH: 215-837-7700 D. TOMBASCO CO. Hazalton, PA PH: 717-459-0859 GOMPF CONSTRUCTION CO., INC. Stmt, MD PH: 301-692-5350 FOUR COUNTIES CONTRACTOR, INC. Coalport, PA PH: 814-672-5751 PHIC BUILDERS Pottatown, PA PH: 215-323-4070 W.R. MOODY, CONTRACTOR Wnt Nawton, PA PH: 412-9724104 “stock” of what you have - and make a household inventory. What Information Is Needed In A Household Inventory? A household inventory is an itemized list of household furnish ings, equipment and other person al possessions. The inventory should clearly identify the item and include the brand name, a brief description of each item (color, size, style, fea tures, unique characteristics, deal er’s name, etc.) and where applic able, the model, serial or other TRIMARK BUILDING CONTRACTORS, INC. So. Vlnaland, NJ PH: 609-825-1990 KNOXVILLE CONSTRUCTION Knoxvllla, PA PH: 814-326-4188 ANCHOR BUILDING SYSTEMS Daala, MD PH; 301467-7233 TRI-COUNTY AGRI-SYSTEMS Swadaaboro, NJ PH: 6094674174 MATTSON ENTERPRISES Burlington, NJ PH: 609488-1603 J.E.N. CONSTRUCTION Toma Rlvar, NJ PH: 201-240-7499 identification number (check the owner’s manual for the number’s location if you can’t find it on the item). The date items were purchased or acquired is needed to help iden tify the item as well as establish value. Try to be as accurate as possible on dates. For used, inher ited, gift or other items not new when acquired, note date acquired and approximate age. The purchase price or the value of items when acquired should be noted. You may wish to attach' sales receipts or other proofs of purchase especially if major purchases - and appraisal infor mation for antiques, jewelry or other valuables. You may also want to estimate what it would cost to replace the item at current prices. Check with your insurance company to see if they want you to keep replace ment cost information to help when figuring losses. Why do you need a household inventory? You may think you will never be faced with losses from fire or theft, but it can happen to you! A household inventory can pro vide a record for insurance pur poses and owner identification in case of loss or theft It can help determine the amount of insurance needed to adequately cover pos sessions. If a loss is not covered by insurance, these records help prove the loss for income tax pur poses. Household inventories can also come in handy when estimat ing market value of possessions for compiling net worth state ments and estate plans. Replace ment cost information, along with an estimate of the average life of an item, can also help in planning TOWN • Retail Stores • Light Commercial • Storage Bldgs. • Offices & Shops • Garages • Mini-Warehouses • Industrial, Mfg. Facilities - LESTER . • Machinery Storage • Livestock Housing • Farm Shops • Horse Arenas • Hobby Barns • Open Fronts • Dairy Barns • Poultry Housing For More Information, Contact Your Local LESTER Builder. (butler mfg" cd" m ■ Attn, P E Hess J !P O Box 337, Oxford, PA 19363 ■ |D Plaaaa send info, on LESTER Building* I □ I'm fntarMlsd In a LESTER Oaalerfhip ! Name | Address ■ County I City _ I Phone (area code) and forecasting future furnishings, equipment and other purchases. How can you develop a household inventory? Several methods can be utilized when developing a household inventory, each of which have advantages and disadvantages. However, a combination of sever al methods may be more effective •in establishing loss* ownership and value. Whichever method(s) you choose, be systematic. Deve lop the inventory room by room (or if you prefer, category by category). Start at one point and gO' around the room, listing and/or photographing each item or area. Don’t forget to open closet doors and drawers, and check the attic, basement, garage and automobile trunks. • Written inventory: Using a looseleaf notebook, with each room or category kept on a different page, is ideal. This allows you to easily add or remove pages, and thus keep the inventory up-to-date. • Tape recording: An audio tape may permit you to describe your possessions in more detail than in writing. • Computer inven tory: Another option is an elec COUNTRY State Lancaster Farming, Saturday, February 4,1989-A29 ironic inventory. Updates and additions to your household inventory can be made quickly and easily by utilizing a computer software program. .• Photographs or slides: To supplement a writ ten, audio or computer inventory, you may want to take photographs or slides of each room or location where household possessions are. Pictures can help establish the val ue of your possessions, make identification or replacement easier and may help in speeding up an insurance claim. • Video recording: if you have a video system, you may want to consider completing a vid eotape of your possessions. Video recordings can show all dimen sions of a valuable item. , • Additional sugges tions: Make several copies of your household inventory. A mas ter copy of the written or printed inventory, pictures or slides (or negatives), audio tape, and/or vid eotape should be kept in a safety deposit box or in a home safety deposit box or in a home safe that is both fireproof and buiglarproof. Treat your household like your farm business - get started now. A household inventory requires some time and effort to get started. -f ROPE IN SOME EXTRA CASH! Advertise With A Lancaster Farming CLASSIFIED AD... Phone: 717-394-3047 or 717-626-1164 SUSQUEHANNA H.R. WEAVER METAL PRODUCTS CONSTRUCTION Watsontown, PA Annvilla, PA PH: 717-742-2626 PH: 717-838-3753 FISHER CONSTRUCTION MAJOR BUILDINGS, Wallsvllle, PA ’ PH: 717-292-3692 Joh i', pA PH: 814-535-7716 CLIFFORD E. BOLLINGER ASSOCIATES Denver, PA PH; 215-267-6046 C & M SALES INC. Honeadale, PA PH: 717-253-1612 ARCTIC INVESTMENT CONTRACTORS Rad Lion, PA PH: 717-757-2335 GEORGE W. HOY MYERS BUILDING & SON, INC. SYSTEMS, INC. LockHavan, PA Claarapring, MD PH: 717-746-7375 PH: 301-582-4200 O.A. NEWTON & SON CO. Brldgavllle, DE PH: 302-337-8211 AMERICAN BUILDING & CONTRACTING Hawley, PA PH: 607-733-0519
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