Home Contents and Insurance Claims: Do You Have a Home Inventory?
Purchasing home insurance is vital to protecting your investment, including the contents of your property. In the event, you need to file a claim for loss or damage of contents the insurance adjuster will require proof of loss. Without proof of loss, your claim may be rejected or significantly reduced.
Typically we purchase items for the house over time, in many cases on sale and have slowly built up a personalized inventory that makes it home. Imagine replacing the contents of a house all at one time.
Whether you experience loss through theft, fire or water damage, you may feel overwhelmed making it difficult to list the contents of your home, we suggest being proactive and taking an inventory of your home and property now.
Take Inventory of your possessions and keep receipts for big-ticket items in order to assess the value of the contents in your home. Note that receipts do not last in Mexico, the ink fades, and it becomes a blank piece of paper in a short time, take a photo of the receipt at the time of purchase. Include brand and serial number.
Take photos of everything in your home or create a video inventory; the video and photos date stamp your inventory. Email your photo library or video to your insurance agent as well as yourself; the email provides proof of possession as well as the date proving you owned the items before the incident took place.
Provide an appraisal for valuable jewelry, collectibles, and antiques and discuss coverage with your agent to ensure they are sufficiently insured. Itemize valuables in the policy, including the receipt, date of purchase, value, and photos.
Smartphone or computer users can download an app by searching “Home Inventory” in the app store; the apps help you create an inventory and stores it in iCloud or a digital file.
Typically we keep proof of purchase for electronics and appliances but consider how expensive it would be to replace everything in your home including clothing, linens, kitchenware, pots and pans, glassware, patio furniture, gardening tools, BBQ and pool equipment.
Being prepared with proof of contents will assist the adjuster in determining your financial loss and ensure a fair and timely settlement.
