Insurance Requirements

When filing a claim for destroyed or stolen items, pre-recorded documentation will make a claim easier and more credible, especially if performed by a third party.  Be sure that all your items are covered under your current policy.  You might be surprised at the list of exceptions that some insurance companies have listed.  However, most insurance companies do suggest a documented record of your belongings.   The format is not the same across the various insurance companies but the expectation is!  Don’t rely solely on your insurance company.  As home and business owners we must Cover and Protect Ourselves.

Here are a few insurance company quotes regarding the value of a home inventory:

Travelers Insurance

“Conducting a Personal Property Inventory” literature states: “Take the time to compile an inventory of your home now, and it will save you precious time and frustration later.” “Benefits of having a personal property inventory include:

1. Helps to ensure you have the coverage you need.
2. In the event of a loss, it makes it easier for you to file a complete and prompt claim, supported by accurate documentation.
3. Helps determine the replacement cost of your lost or damaged possessions to settle your claim quickly.”

Farmers Insurance Group

The following can be found on the back of their “Household Contents Inventory Record Book” – “This record can be worth thousands of dollars to you. Keep it in a safe place outside your home.”

State Farm Insurance

They offer the following under their “Home Inventory Tips” – “The threat of loss of property from fire, theft, or other causes is always present. An accurate inventory and proof of ownership at the same time of a loss can make claim settlement easier and faster.”

Allstate Insurance

Under their “Your Property” section, they ask you to ask yourself, “Do I have an inventory and photographs?”