Often, when a home is lost to a fire or some other kind of natural disaster, the insurance claims process includes submitting a comprehensive content inventory of everything that was lost in the home or business property. This includes everything, right down to the paperclips in your desk drawer.
If you take a look around your home right now, you can get a sense of how many things are actually in a typical home, even if it’s a modest home. The task of taking inventory of all your possessions is monumental, especially in the emotional aftermath of a catastrophic loss. This is one big reason why it’s suggested that you create a home or property content inventory today; before disaster strikes. Here are several more reasons.
1. You’ll Have a Better Sense of What Property Insurance to Buy
The worst thing that can happen to you after a catastrophic loss is to discover that you’re underinsured. Unfortunately, this is a common scenario. You purchase home insurance early in your homeownership. As time goes on, you invest in more things for your home; a plasma TV replaces the old one, you buy a more energy-efficient furnace, you replace the vinyl flooring in your kitchen with Italian ceramic tiles, and so on. But you forget to update your home insurance policy. When you upgrade your possessions, you also need to increase your insurance policy. By taking content inventory of what you have now, you can ensure you have adequate coverage if disaster strikes.
2. You Can Document Losses for Taxes or Financial Assistance
In the case of widespread catastrophic damages, the government may step in to offer financial assistance or tax breaks for homeowners who have suffered losses. However, the onus will be on you to prove the losses that you incurred. If you already have an inventory of your property content, it will be a simple matter of determining which of those things you lost and submitting your documentation. This will substantially shorten the amount of time it takes to file your tax or financial assistance claim and get you the relief you need faster.
3. Your Public Adjuster Will Have a Jumpstart
One of the services that a public adjuster offers is ensuring that the homeowner receives adequate compensation for all their losses, including the seemingly small ones, like compensation for kitchen utensils, hardwood floors beneath carpets, etc.. The sooner your public adjuster can inventory all those lost items, the sooner your claim can be paid out. When you already have a full content inventory of your property contents, you’ll be giving your public adjuster a jumpstart on handling your claim, which will result in a more accurate and speedy claim payout from your insurance company.
4. The Insurance Company Will Ask For It
Often, insurance companies will ask for a home content inventory when preparing a home or business insurance policy. This helps to ensure fair and accurate reporting, as well as helps prevent fraud for the insurance company. If you have unusually expensive items in your home, it’s all the more reason to present this list to your insurance company as proof of your right to higher coverage amounts.
The task of creating a home content inventory may seem daunting. But consider how much harder it would be if you lost everything in a fire, flood, or another disaster. It’s better to take inventory while everything is in front of you rather than try to remember everything after it’s gone. For help with your home inventory or insurance claim needs, please contact SunPoint Public Adjusters today.