Backup your saved game folders before doing an un-install / re-install (just in case), but you should not loose any belongings. Since the game itself is crashing when loading, then the universal inventory may be something the game uses to keep track of everything (when NPC inventories get reset, etc). If Divinity ran, but crashed when trying to load a particular save, then it would be more likely to be a problem in the save itself. Right now, there is no reason to suspect that anything is wrong with your saved games (knock on wood).
There is a file verification method in the troubleshooting post, which can help identify corrupt files. Assuming that is the case, they can be replaced individually rather than re-installing the game (see the manual install section). Re-installing might take a little longer, but may be less hassle.
