Are You Truly Fully Protected?
The number one thing to remember is that Insurance is designed to cover you for your losses in case of a disaster. A home inventory is critical in order for you to maximize the provisions of your policy and receive fair compensation in connection with that disaster.
Many sad stories can be told by homeowners in the Tahoe & Southern CA fires of 2007-2008. These families expected to be protected by their home owners insurance policy but tragically they were not. Their stories mirror the national averages:
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73 percent of homes were underinsured in 2002 compared with 66 percent in 2007, according to Marshall & Swift/Boechk.
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18 percent were under-valued in 2007, down from 21 percent in 2006 and 35 percent in 2002.
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Property damage and theft claims accounted for 81 percent of all claims payments. Liability claims accounted for 5 percent.
Do not let this happen to you. A small segment of our service provides a brief conversation regarding the coverages of your homeowners policy. We STRONGLY advise you to sit down with your agent and allow him to serve you by providing a checkup. Watch the short video below to see how it will benefit you.
Insurance Requirements
When filing a claim for destroyed or stolen items, pre-recorded documentation will make a claim easier and more credible. Be sure that all your items are covered under your current policy. You might be surprised at the list of exceptions that some insurance companies have listed. However, most insurance companies do suggest a documented record of your belongings. The format is not the same across the various insurance companies but the expectation is!
Here are a few insurance company quotes regarding the value of a home inventory:
Write up your personal inventory
Make a list of your banking, loan, credit card, insurance, investment and real estate information. For each account, include the issuer's name, account type and number, name of the account holder, customer service numbers, expiration and payment due dates, online user names and passwords...
Determine the damage to your personal property (contents). Make a written list of what was damaged. To be as accurate as possible, please include the manufacturer, brand name and the place and date of purchase. We recommend beginning this process by dividing your list into broad categories such as location (e.g., living room, bedroom #1, bedroom #2). If available, photographs, videotapes or personal property inventories are valuable resources during the itemization process.
The following can be found on the back of their “Household Contents Inventory Record Book” - “This record can be worth thousands of dollars to you. Keep it in a safe place outside your home.”
They offer the following under their “Home Inventory Tips” - “The threat of loss of property from fire, theft, or other causes is always present. An accurate inventory and proof of ownership at the same time of a loss can make claim settlement easier and faster.”
If you have been setting up a household, starting a home inventory can be relatively simple. You could even attach recent wedding registries to substantiate new possessions. But, if you have been living in a house for many years, this task may seem daunting. If you set aside an afternoon and get your entire household involved, it can be an enjoyable experience. It is much easier to document your possessions before you suffer a loss from a fire, hurricane, burglary or other disaster.
