Put simply, there is no way to replace personal pictures from 10 or 20 years earlier and an album of 20 year old photos that has very little monetary value. Though your wedding pictures, awards and personal memorabilia are important to you, they will not be covered for the value they have to you. Note: Insurance cannot replace sentimental value. As you go room by room, make a list of everything you own that you would want replaced in case of burglary or natural disaster. Dig up your receipts and warranty information, too. Pull out your possessions from the attic, garage, safe, drawers, and closets. Dedicate a couple hours each week to go through your home, so you don’t get overwhelmed or overlook something because you’re in a hurry. You don’t need to finish the task in one day. When you do a home inventory, you’re documenting an entire life’s worth of valuables. Here’s how to catalog your most prized possessions. The following list is a great practice for both recording and accounting for possessions and valuables, before disaster strikes: Knowing the scope and value of possessions will help home-owner’s insurance policyholders better determine the amount of coverage they need. I think you can agree there would be questions if you simply put on a claim that you had a comic book collection worth $3,000.00 with no picture records and no appraisal proving its value. Some items – like expensive jewelry, collectables or firearms – may require more detailed descriptions, and appraisal and additional coverage on the policy if the value is over your policy limits. Some even recommend documenting online so the inventory can be accessed from anywhere.Ī good plan that really works is to make a note of each item of substantial value with a short description and a picture or two of those items. In many cases, the task can be done simply by walking through the apartment or home and making a list on a personal device, notepad, pictures or videos. While creating an inventory may sound daunting, the process is easier than it looks. Documenting via an inventory and keeping records like sales receipts and copies of important legal papers is a great way to prove to an insurance company the extent of the loss. The claim representative is will want to work with you but may not accept and pay based on a claim of “everything in the living room” without some proof of the contents.ĭuring a time of crisis, it’s extremely difficult for a home owner to fully remember the various pieces and items that were lost in that living room. In a claim process, the insurance company will want to know beyond a general description what items have been lost. Personal Inventory Insurance Means and Method It is best to understand this reality before a disaster than discover an item or collection is not partially or completely covered after an event causes you to make a claim. These must be handled in a separate rider and appraised for their true value. Some are high value, such as jewelry and collectables. So how do you protect yourself and your family and provide the insurance company with all the data they need to properly satisfy your claim in a timely manner? It takes some time and record keeping, but it is worth the effort.Īnother advantage of a thorough review of your in-home belongings, is that it will point out items that may requite additional insurance. Unfortunately, your word that items existed before a fire or a flood are not necessarily proof that they did. Insurance companies will usually pay claims reasonably quickly and satisfy the claimant if the proper records are kept. We hear so often that part of an insurance claim is not covered, or that the claim is being ignored. A thorough home inventory is essential to a smooth claim process with your insurance company. The time to list what was stolen from you is not the day after your home was robbed. The time to make a home inventory is before your property becomes lost belongings, not the day after a storm or fire. Importance of Good Home Inventory is Key to Smooth Homeowners Insurance Claim When Disaster Strikes Why a Good Home Inventory is Key to a Smooth Insurance Claim after a Storm, Fire, Theft or Disaster
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |