The most cumbersome task required of a homeowner by their insurance company when filing a claim after a catastrophic loss is the preparation of a personal contents inventory. Test yourself right now. Close your eyes and make a mental list of everything in the room you are in … then open your eyes and marvel at all you failed to include in your list. Think of doing this for every item in your home after a fire, tornado, or other tragic events then add to this overwhelming task your insurance carrier’s request that you also add to each item on your list the date you purchased it, its manufacturer, price, and more.
It’s hard. It’s expensive to be wrong. It seems unfair. It will make you angry to be required to perform this task and it will upset you to be forced to revisit your loss and relive this tragedy each time you return to the task. I’ve seen many of my clients experience this anguish time and time again.
There is something you can do TODAY, however, that will help you to minimize this daunting effort should you ever be faced with such loss. That something is to create and maintain your inventory right NOW. Remembering all of your items can make the difference of thousands of dollars in your insurance claim. Imagine being paid a thousand dollars per minute to file your claim.
The Missouri Department of Insurance provides a handy booklet you can download to get started, but I recommend that any written list of your belongings you create be supplemented with a gallery of photographs and video. When photographing your items for your inventory, including photographs of the data plates that record the serial numbers, manufacturer, and manufacturing date. A digital recording of a slow span of a room, a drawer, a box of mementos, tools, and cupboards will assist you and your insurance company, as well. There is also a phone app.
It is important to keep your inventory and video/photographic record of your belongings in a safe place other than in your home where they could be destroyed along with the recorded belongings. Keep it up to date when items are added or removed from the home … and may you never, ever have to use it.
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