WHY WAIT TILL IT’S ALL DESTROYED IN A “LIFE CHANGING” LOSS ………… to finally figure out the answer to this question !!!!
Ok I’m going to ask each & every reader of this post to sit in their kitchen, and write down EVERYTHING that is in their living room.
Once you feel that you have a complete list, walk into the living room and write down any items that you missed ( in a different color )
WOW WEEEEEE, YOU MISSED ALL THOSE ITEMS
Now take your COMPLETE list, and get on the internet and price out the replacement cost of each item…………
If this seems like a lot, just think, this is just ONE room.
As policyholders we all fall short of being able to adequately prove what we own. Unless we can provide the insurance company with something solid, we will allow them to “short cut” our settlement in the case of a loss. The burden of proof is solely on the policyholder. You have to support the claim that you are putting in when it comes to all aspects of the loss, but the personal belongings and or “STUFF” portion can be the most intense !
How do I know you had 3 leather coats from Wilson’s Leather experts ?
How do I know you had a Ikea full wall length bookcase ?
How do I know that you had a 300 count CD collection ?
All these questions and many, many more emerge from the insurance company adjuster. I speak most often times in the example of a “Total Loss Fire”. There is not much left in the property to help prove what used to be, so the policyholder should be PREPARED to not only answer these type of questions, but support their answer with proof. If they cannot prove that they owned these items, then the risk of them not getting paid for them is very REAL.
What are some options of proof ?
Many policyholders state receipts……………………………Yes, this is true. Snap shots of the way your closet looks, your living room, kitchen, basement and storage areas. Take plenty of pictures, and store them some place other than the property that you are taking the pictures of. Also walking through the property with a video camera is another option. Hiring a company that specializes in inventory of homes, or businesses. Bottom line is that there are plenty of options, chosing one prior to the loss is the problem that most policyholders have NOT tackled.
PREPARE………..don’t let it happen to YOU !
Md Licensed Public Adjuster