The Best Time To Prepare For A Serious Home Or Business Loss Is Now
Many people go about their daily lives without ever considering the impact of a fire or other major catastrophe. Certainly it is terrible to think about but every year major losses resulting in the destruction of property do happen. Although most property may be replaceable even with the finest of insurance policies one of the more dire consequences is often the loss of valuable records – some easily replaceable, some replaceable with great difficulty, and some not at all.
Here are a few tips concerning your family and business financial records –
First and foremost, safe secure storage is paramount for all of your important records. Consider a home fire/burglar resistant safe or a bank safe-deposit box for such things as birth and marriage certificates, social insurance cards, passports, deeds, vehicle titles, health cards and even photo negatives or digital back-ups.
A written, photo or video + audio inventory of all of your household or business goods and appraisals should also be carefully stored away.
Insurance policies should be kept a minimum of 7 years. A list of all current insurance policies and policy numbers should be maintained.
Auto service records should be maintained in a home file for the duration of the ownership of the vehicle. These records may be helpful when selling the vehicle at a later date.
Financial instruments such as stocks, bonds, and other securities should be safely stored.
Cancelled cheques for nontax deductible expenditures should be stored for at least 3 years.
Receipts, warranties, instructional guides for major purchases should be stored for at least 6 years.
Receipts and records of deductible expenses should be stored for at least 6 years.
Copies of past tax returns should be kept a minimum of 6 years (15 years is best.)
Finally, with computer digitization of important records and information becoming increasingly popular it is vital that this information also be secured and backed-up. Whether it is stored in the cloud, another off-site computer or backed-up to hard media, it needs to be accessible if your computer(s) was destroyed.
The Insurance Advisors @ Guthrie Insurance Brokers Ltd