Fires, tornadoes, hurricanes and theft. These events always happen to the "other guy." Nothing bad will ever happen to you.
This mentality is a dangerous one to have.
What's even more dangerous is the false hope that many people believe in which is that:
"I have insurance on my place and that is all I need, they will pay for my losses"
You're Insurance Will Pay You...But,
While your insurance WILL reimburse you for losses to your personal property, it is UP TO YOU to understand what your insurance will pay you for, and what it won't.
Take a quick look around your home and answer these questions:
Do you remember what you spent on the items you're looking at?
If tomorrow a fire destroyed everything that you owned, how much money do you think it would take to replace everything as it is today?
How confident are you that you would be able to remember every item?
Would you be able to remember where you bought, how much you spent and if there is any loss or gain in value for each item?
How long do you think it would take you to gather all of this information after you already lost it in a fire?
And most important: Would you even be in the right state of mind to answer all these questions after everything you had just went up in flames?
These are exactly the questions you could find yourself having to answer if a disaster destroys your stuff and you don't have a home inventory in place to help you file an insurance claim.
Translation: The burden of proof is on YOU. If you file an insurance claim for losses to your personal property, you must prove that you owned what you are claiming you lost. You also need to be familiar with what "limits" are set within your policy.
Your Insurance Company is not going to simply write you a check for your losses. But this is what many people believe.
It's A Contract
You see, when you purchase homeowner's or renter's insurance, you're entering into a contract with that insurance company. And like any other contract, if you don't do your part you forfeit what you're entitled to.
Having a home inventory helps you to fulfill your part of the contract within your homeowner's or renters policy. It's your best defense against a loss, an exceptional memory tool, and your guide to maximizing the financial reimbursement from your insurance company.
Here's a look at what my insurance company requires if I have to file an insurance claim after a loss to my "Scheduled Personal Property":
Give us a detailed list of the damaged property, showing quantities, when and where acquired, original cost, current value and the amount of loss claimed.
Show us the damaged property before repairs/replacement
Provide us with records and documents, allow us to make copies.
Submit to us, within 60 days, after we request, your signed and sworn proof of loss.
Wow, that is a lot to be responsible for in order to see a proper settlement from my insurance coverage (which I already pay premiums for). But sadly, most individuals and families struggle with insurance claims because they don't understand their responsibilities in what they signed up for in their homeowner's policy contracts.
Your Homeowner's Insurance Contract
What is important to remember about your homeowner's policy is that it generally offers 6 basic coverages to protect you against "life's unfortunate events."
Let's take a quick look at the 6 basic coverages that an average homeowner's insurance policy provides. They are:
The Dwelling (your structural home)
Outside or "Other" Structures (that garden shed, fence or deck)
*Personal Property and Contents* (why you need a Home Inventory!!)
Liability (if you damage someone else's property)
Medical (medical costs to offset someone getting hurt on your property)
Additional Living Expenses. (pays for expenses if you are forced to live somewhere else during repairs)
Each one of these coverages comes with their own set of Terms and Conditions. The focus of Capital View Inventory is to:
Help homeowner's understand the terms and conditions of the Personal Property and Contents portion of their insurance policy.
Give them the knowledge, tools and the motivation to complete the important task of a home inventory.
Why? Because it involves your stuff. The "stuff" that you have in your home represents a dollar amount that you were willing to spend on that item.
Like you, I have stuff in my home that I love and rely on to make my family's life comfortable and enjoyable. The terms and conditions regarding your personal property coverage sets the stage for whether you are able to receive a full reimbursement, or a "sorry about your luck" dollar amount from your insurance company after a disaster.
Take some time to review your insurance coverage with your agent. They will recommend that you conduct a home inventory!
As always, visit us at capitalviewinventory.com to see how we can help you create your very own home inventory so you can get the most out of the premiums you pay for your insurance coverage!