When it comes to protecting your family's finances, 15 minutes — or less — now will save a lot of time and heartache later. So get to it:
Copy everything in your wallet(except the cash)
•Why bother?
If your wallet is lost or stolen, it will make suspending accounts and getting replacement cards far easier.
•What you need
Your wallet or purse and a copier or scanner.
•How to do it
Pluck items from your billfold or purse that you need — credit cards, insurance cards, IDs, frequent-traveler cards — then copy or scan both sides of them. Note that the customer-service number you need to call to report a compromised card is often on the back.
•Total time: 3 minutes
Rent a safe-deposit box
• Why bother?
To protect your valuables and documents from theft and fire.
• What you need
A photo identification, appointment and resealable plastic bags.
• How to do it
Pick a bank close to home (in case you need quick access) and make an appointment to save time. Why the plastic bags? Many banks recommend that you seal documents in a waterproof bag in case of a flood.
• Total time: 14 minutes, not including travel to the bank
Snap digital photos of your belongings
•Why bother?
The images will back up an insurance claim if your possessions are destroyed or stolen.
•What you need
A digital camera, USB flash memory drive and a computer.
•How to do it
Take shots of the significant items in your house. Download the images to the flash drive or upload them to the Web so you can access them off-site. Ideally, the images will be the starting point for a household inventory (see the Insurance Information Institute's online version at knowyourstuff.org), in which you itemize your furniture, jewelry and collectibles and record details such as purchase price.
•Total time: 14 minutes for a four-bedroom home (time will vary according to number of possessions)
Update your homeowners policy
•Why bother?
If you shop around a bit, you're likely to get a better deal.
•What you need
The year your home was built, size of living area and size of attached features.
•How to do it
Your home may be worth more than it's insured for. To verify the replacement value for a home of up to 5,000 square feet and containing up to four units, visit accucoverage.com. Fill in a worksheet to create a report ($7.95) based on your information and the reconstruction-cost data the insurance industry uses.
•Total time: 15 minutes