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Update your home inventory before loss

A disaster doesn't have to be on the scale of Hurricane Katrina to make you wonder whether your homeowner's policy will fix your roof or even rebuild your house.

And while fixing the damage to your home is important, don't forget about what's inside it. Sometimes, industry experts say, people focus so much on the building that they forget about their belongings.

As a homeowner, being prepared for a disaster means keeping an accurate and up to date list of your belongings -- furniture, clothing, electronics, to name a few -- so you can replace them quickly if they are lost or destroyed.

Many times, even if people remember to catalog the items in their homes, they forget to include what's in their garage or in storage, said Patricia Borowski, senior vice president of the National Association of Professional Insurance Agents.

"I will tell you from experience [that remembering what you have] is one of the toughest challenges for people after a natural disaster," Borowski said.

"We find out more times than not that people forget [what they have]," she said, and will omit common household items from their claims.

Photograph or videotape your belongings as well. Include receipts or make note of the original purchase prices. Don't throw any damaged items away until a claims adjuster has evaluated the damage.

Borowski suggests keeping the list in a safe deposit box at a bank. Some agents may keep the list in your file at their office.

You can even keep a list in cyberspace. The Insurance Information Institute's home inventory software is free and downloadable. Once your report is complete, you can e-mail a copy of it to yourself as well as print a report or burn a CD.

The Insurance Information Institute recommends updating your policy each year to reflect changes in your life. For example, if you've married or divorced, you may find yourself with more or fewer belongings. If you've had a baby, you have new items to add to your list.

You may need to buy separate policies to cover expensive items such as jewelry, furs, silverware and collectibles.

Jeanne Salvatore, the Insurance Information Institute's senior vice president for public affairs, said homeowner's policies vary from state to state. For example, a fire department may charge a homeowner for response to a fire. In some states, coverage includes the fee charged by the fire department, but in others, homeowners must pay the fee out of pocket.

In most states, flood insurance is not included in a standard homeowner's policy. You may purchase it through your insurance company, which acts as a broker with the National Flood Insurance Program. You can check the flood risk in your area at www.floodsmart.gov.

When you move, you don't have to stay with the same insurance company. Ask the former owners or your new neighbors which company they use.

For more information, visit www.iii.org or www.pianet.com.