Nov. 29, 2007
Keep Important Records Safe from Fire,
Water Damage this Holiday
Safekeeping Records Essential for Financial Well-being
REDWOOD CITY, Calif. — Protecting important family records from the ravages of fire and water damage could save a family heartache and possible financial difficulties should a natural disaster like a fire or earthquake occur.
That’s why a fire- and waterproof safe is perhaps the most important gift you can give yourself, your family and your friends this holiday season, says the California Society of CPAs (www.calcpa.org).
“Losing your home in a fire is bad enough without the added burden of your vital records going up in smoke,” says Mitch Freedman, CPA/PFS. He noted that even if documents survived a fire or an earthquake, they could be damaged by water from burst pipes or fire hoses.
CalCPA has joined with Sentry Group, the world leader in residential and small office security-storage containers, to encourage Californians to keep their vital records secured. Sentry Group offers a range of Sentry®Safe home and business security-storage products at www.sentrysafe.com.
“The cost of a good fire- and waterproof safe is minimal compared to the thousands of dollars that could be lost if important documents are ruined or destroyed. And paper records aren’t the only things that need protection. Many families would be devastated if they lost cherished photos, information stored on computer CDs or heirloom jewelry.”
Freedman has spoken frequently on disaster preparedness and was a contributor to the American Red Cross booklet “Disasters and Financial Planning.”
In addition to a good safe, CalCPA and Freedman advise families to create a record of their valuables and important keepsakes.
“There are several good software programs that will help you catalog your valuables, including wedding china, high-end electronics and expensive furniture,” Freedman notes.
“You should also go through your home with a camcorder and tape the furnishings and valuables in every room while doing a voice-over description. Alternately, you could take digital photos of the items and then write essential information on the back of prints.”
Freedman says families should store a printed copy of their home inventory along with the DVD, videotape or photographic prints as well as receipts and warrantees for expensive items in the fireproof safe they have purchased. “Adds Freedman, “They also should put copies in a bank lockbox or send copies to a trusted relative or friend as backup.”
Having such records after a disaster will improve a family’s chances of getting appropriate settlements from their insurers.
Fourteen Documents to Secure [PDF]
Ten Ways to Protect Your Home [PDF]
About CalCPA
The California Society of Certified Public Accountants (CalCPA) (www.calcpa.org) is the nation’s largest state accounting organization. It serves more than 30,000 members in public practice, private industry, education and government.
