Asset Valuation

Do you know if you will get the right settlement from your insurance claim? Reviewing your assets and their total value will give you the information needed to then review your policy for correct coverage.

You'll need to estimate how much that item would cost to replace, not how much it may have cost you when you first bought it. Keep in mind that something like clothing or computers may depreciate over time while other things like record collections may gain in value.

The more information you have about your damaged possessions, including the make and model or a description of the item, the faster your claim generally can be settled.

It would also be helpful to have photos of your home both before and after the disaster. The digital images and comprehensive reports provided by your home inventory professional will help facilitate the claims process and ensure that no items are forgotten.

Why do insurance companies recomend a home inventory?

Why do insurance companies recommend their policy owners make an inventory of their personal assets? Many have website helps for them to use in documenting the home and the many items that would be listed on a claim should a fire, storm or theft occur. Here are a few of the benefits for both the homeowner and the insurance company.

Benefits to the insurance company:
1. Policy coverage adjustments are identified
2. Easier claim processing
3. Satisfied customers

Benefits to the homeower:
1. Proper insurance coverage is identified
2. Faster and easier claims settlements - no time consuming list making or hunt for proof, no arguments on whether you had certain items
3. Maximize the amount of the claim settlement - records prevents omission of the forgotten 20% of property from your claim
3. Peace of mind - once completed and stored offsite, you can easily update the inventory as needed and pull it out to provide all the documentation needed for insurance claims, police reports or even estate plan execution

What is a home inventory?

Simply, a home inventory is a detailed list of the personal property or assets located in your home, including pictures. You should also include property that you have stored elsewhere, perhaps in a garage or storage shed. A comprehensive inventory includes purchase/appraisal details and provides valuable verification of proper insurance coverage and settlements.

With the stress of lossing your property, how well do you think you can remember all your valuables? Peace of mind is from knowing that you will have proof of what you lost.