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HOME : Just the FAQs Ma'amKeeping Records For Insurance ClaimsIf all my belongings were destroyed in a fire, how would the insurance company know what I owned so that it could replace them? Insurance companies
aren't psychic - they don't know exactly what you own. But YOU should -
for your own protection. Here's a quick test:
list the exact contents of your bedroom closet without peeking. Not so
easy, is it? If you were so
unfortunate as to suffer a total loss - as in a fire - could you remember
all those books and CDs on your shelves? How about the gadgets in your
kitchen drawer? Or the dishes in your china cabinet? The list goes on . .
. and on. Individually, these kinds of items may not cost a great deal,
but they sure would add up if you had to replace them all. Your insurer
would likely ask you to fill out a "proof of loss" form, which
would require a complete list of what was lost or damaged, the value of
each item, and the amount being claimed. That's why you need to keep an
accurate record of what you own. Some people keep track
of their possessions by making a drawer-by-drawer, room-by-room video
recording; others use a regular camera. An audiocassette recorder is
useful for making a spoken list of collections like books, tools, stamps,
and so on. Written or typed descriptions are another option. In all cases,
be sure to include makes, models, serial numbers, or other identifying
marks. And since most home policies today offer "replacement
cost" on contents, it helps to have the most complete details
possible so you can replace each item with one of "like kind and
quality". When it comes to
higher-value items, like major appliances, art or furniture, the insurance
company will ask to see a receipt or other proof of purchase. Make sure you store
your receipts and inventory records in a safety-deposit box or another
secure location AWAY from your home. It's a good idea to keep negatives
there too, so that the insurer could reproduce your precious photo albums
if the originals were damaged. Don't wait until you
suffer a major loss to take inventory of your possessions, or you'll have
to take that closet test - for starters - all over again! |
