Proving Losses in a Homeowners’ Insurance Claim

Most homeowner’s realize the value of homeowners’ insurance. For many, their home is their largest single investment and protecting its value and the value of its contents is critical. What some may not realize however, is that in the event of a loss, especially a devastating one, losses must be proven. This may not be as simple as it first sounds. After all, if your home is destroyed by fire, the results will be quite obvious, especially when it comes to the structure. Proving what contents were lost, may not be as simple.

Here are several ways you can help prove the value of the contents of your home in case of a loss from a covered calamity.

A Written Inventory

Either a handwritten or digitally written inventory of your property is a solid start to documenting the property you own. Adding more detailed descriptions, date the item was purchased and purchase price can add to the credibility and validity of any claim. Of course, receipts from your purchases are best.

Photographic or Video Evidence

Smartphones have made documenting a home’s contents easier than ever. Going room by room and taking pictures or video of the contents of each can be extremely helpful in the event of a loss. Be sure to open all closets and drawers to better show the full contents of the space.

Documentation of Collections

If you have a collection of specific items you will want to pay particular attention to 1.) Documenting your collection, 2.) Having your collection appraised, and 3.) Contacting your independent insurance agent to make sure the full value of your collection is covered. A basic homeowners’ insurance policy may be inadequate to fully insure the value of an extensive collection. The time to find out is prior to a loss.

Notes About Documenting Property Loss

When documenting your property either on a computer, on paper or through images, it is important to keep the inventory updated and to keep a copy off-premises.  This helps ensure a copy of your inventory will survive any disaster. There are free, online services that will store personal household inventories for just such purposes.

If it has been years since you’ve thought about your homeowners’ insurance, it is time for a review. Contact us to verify your coverage and if it is sufficient for today’s needs. We can even search out quotes from multiple insurance companies to find you home insurance at a price you can be comfortable with. Contact us to get started today!

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