You come home one Saturday after a long drive and picnic with your family to discover someone has broken into your home while you were away. Your first call is to the police, and while you wait to file a report you start looking around and notice a few things here or there are missing. You have clearly been burglarized and now realize why you have been paying for insurance all these years.
By the time the police leave you have made an official statement about the few things you notice are missing. It is clear the jewelry box was gone through, and several different areas of your home were searched. It’s hard to miss the fact the new flat screen TV is missing, but how do you know what you really have lost? Can you remember everything you have in your home if it isn’t there to look at?
After the police leave you finally, get the chance to call your agent, and start the process of submitting a claim. Your agent listens patiently as you try to rattle off the things you know for sure are gone with the emotions being a victim of crime brings out. Your agent is used to hearing people call because they have suffered a loss, that’s what being an agent is all about selling insurance so that when terrible things happen you can be made “whole” again.
Once your agent has the basic information you will be given your insurance company claims procedure, contact information of the claims adjuster. Before, you hang up your agent suggest that you make a list of everything you lost, serial numbers, descriptions, appraisals, receipts and if you have them some pictures would be nice too.
What? You think to yourself, we are not even sure what’s missing and now we are supposed to find receipts and proof? Why would the insurance company expect such details about what was stolen, shouldn’t they just take our word for it?
The truth is insurance companies makes it very clear in the policy that you will have to have this kind of information and proof if you suffer a loss. It’s part of the contract you signed and agree to keep every time a premium is paid. The most important thing you can do is keep an inventory of your household possessions and any value supporting documents. Telling the insurance company your grandmothers wedding ring was stolen and it isn’t the value of the ring that hurts but the sentimental value means Nothing to an insurance adjuster. But, telling the claims adjuster that your grandmother’s wedding ring was stolen and last year it was appraised for $9,000.00 means something.
If you do nothing else try to keep a list of your personal property and a few details about it someplace, this way in the event of a loss you can find the information you do have and give it to your claims adjuster quickly.
In the next Blog I will go over the mutual relationship the insurance company and you agree to in your insurance contract and how to be sure you have your most important property correctly covered.
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Related Blogs:
- Household Inventory–Getting Started.
- Household Inventory–At Least Make A List.
- Is Your Personal Property Insured For Replacement Value?
- Insurance Appraisals
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