Think You Don’t Own Much? Think Again!
It is not uncommon to hear, “I don’t have much, so I don’t need an inventory.” Because of this thought process, many feel it isn’t necessary to have an inventory of their contents.
Another comment we at Hartman Inventory often hear is, “I have insurance, so I don’t need an inventory.” Just having a good insurance policy doesn’t mean that you will receive an equitable settlement after a loss. You won’t just get a check from the insurance company for the full value of your contents coverage.
You will be required to complete a claim form, listing each item you want to be replaced. It’s easy to remember a sofa and chair, dining room table, beds and dressers, and that you had a set of pots and pans. However, do you know how many lamps you own? The sizes and types of tables throughout your house? Your claim will require that you provide descriptions and values of each item. It’s like the old saying, “If you don’t ask, you won’t get.” This applies to your policy. You will need to provide a list and the insurance company will settle your claim based on this information.
Having a loss can be devastating. Filing an insurance claim can be stressful and overwhelming. An up-to-date inventory of your belongings can help you remember and prove the items that you’re claiming. A detailed home or business inventory can mean the difference between peace of mind and a disputed insurance claim.
When you have both a Replacement Value insurance policy and a home or business inventory, you can rest assured that you have prepared properly to receive an equitable settlement if you face a loss.