Although statistics show that the number of fire fatalities is decreasing, a home fire can be a devastating loss of property. That's why homeowners should create an inventory of everything they own - both on paper and videotape.

While a videotape will not replace copies of receipts, bills and invoices documenting the ownership of your personal property, it does make an excellent supplement to these written records. Videos also help the insurance company by showing the color, style and detail of items. And in the event of significant loss, videotapes can provide important before-and-after documentation of the damage.

Here are some basic steps to creating the videotape document:

Walk through your home-including basements, bathrooms, garages, attics and closets-and briefly describe the things you're taping. Open cabinets, drawers, and closet doors. Note how many costly items you own, such as coats and business suits. Run your hand along hanging clothes to separate them so that all items can be seen. Include close-ups of valuables such as antiques, silver and china. Give a more detailed description of items without purchase records, such as inherited pieces. For large appliances, be sure to include serial numbers, purchase date and purchase price information. Walk around the outside of the house and videotape garages, sheds, decks, and any special landscaping or lighting fixtures. Videotape the inside of sheds and garages and describe items that are stored or boxed.

If videotaping is not possible, an alternative is to take photographs and make notes on the back of pictures. You should do an annual update of inventories and keep current, accurate records of the things you own.

Tapes and other documentation materials should be stored in a safe place away from the location being videotaped. Your office, a relative's home or a bank safe deposit box are all good places to store the videotape, along with copies of written receipts and invoices.

Source: Independent Insurance Agents of America