So it's the New Year, you have exhausted the Christmas ham supply, the Cadbury Favourites has no one's favourites left, and you're sporting some unwanted tan lines from backyard cricket. Now it's time to take stock of all the new loot you scored at the boxing day sales, and to check your insurance is up to date.

Keep a record

Recording everything you own might sound like a hassle. However, it’s better to do it now than when misfortune strikes. Should there be a house fire, a natural disaster or a burglary, it’s a stressful enough time already, without having to create proof of what you’ve lost.

It’s important to be able to prove ownership of your possessions and their worth in case you ever need to make a claim. Keeping a record of receipts, warranties, valuations and serial numbers is essential. For precious items such as jewellery and art works, you may also want to take some photographs.

The more information, the better

It's best to have as much information as possible at claim time, to confirm ownership and to assess the correct value of the item or items in question. Wherever possible you should record:

• The serial number, as this is the best way to help police identify your property. (A model or batch number may not be unique, so isn’t always the best way to track items.)
• For items that don’t have serial numbers, try to provide as much descriptive information as you can, such as receipt of purchase, pictures of the item, markings, stickers or personal identity tags.
• AMI has partnered with the Neighbourly website to provide the Home Contents Locker – a private and secure online tool accessible only by you, where you can store and access this information anytime, anywhere. Even if you don’t have contents insurance, collecting as much information as you can about the items you own will be helpful to the police should you ever be burgled. The locker uses encryption technology and the website is subjected to regular security assessments and testing, so all of your information will remain secure and for your eyes only.

How much contents insurance do I need?

It’s not uncommon for people to have no idea of how much stuff they actually own or how much it’s worth. Once you start listing all the items you own, you could be surprised at just how much everything adds up. If you don't have contents insurance, listing valuable items that can be expensive to replace if lost or damaged is a good start.

The importance of insurance

Having contents insurance means you’ll be financially compensated for any of your possessions that are stolen or damaged. Exactly what you’re covered for will depend on your policy – and having a record of your valuables will help you work out if you have the right amount of cover.

To find out more about the contents locker, visit the Neighbourly website, and contact AMI for more information on contents insurance.