Insurance Claims how to Document your Valuables

After a claim has happened is not the time to try to document your valuables.
To make the claim process easier, documentation of valuables needs to be completed before a claim has happened.

Valuables should be documented when they are purchased. The first thing you need to do when you buy something valuable, whether it is jewelry or furniture or art, you need to have it appraised by a licensed appraiser. When they do the appraisal, they should give you a written certificate detailing the item and its value. This certificate should be kept in a safe deposit box, not at home.

After you get the appraisal, you should then take pictures of the item to document the condition it is in at the time of purchase. These pictures should also be kept in the safe deposit box.

The next thing you should do is make a list of all of the valuable items that you have. This list should include the item, purchase date, purchase price, appraised value, and the location of the item in your home. This should also be kept in the safe deposit box.

Once you have all of these things completed, you should take a copy of all of this to your insurance agent. Most insurance companies want you to schedule your valuable items over a certain amount on the policy. The amount is usually any item that is valued over $2,500. Your insurance agent should keep a copy of all of this information and send it to your insurance company so they can schedule these items on your policy. The company should then send you a copy of the policy showing these items listed.

It is important to do this with valuables, but you should also do it with the rest of the contents in your house. You should go room by room and make a list of the contents in each room. You should also include the purchase price, purchase date and a receipt for the item if you have it. Also, it is not a bad idea to take pictures of or video these items. This list should also be kept in the safe deposit box. You don’t necessarily have to take this to the insurance agent. These will be helpful in case you do have a claim. It will be easier to know what is lost and what needs to be replaced.

You should update these list every time you make a new purchase.

Also, you need to check with your insurance agent to make sure that you have replacement cost on contents on your insurance policy. If not, you need to have it added. In the event of a loss, the extra expense will seem unimportant when it comes to settling the claim. The difference in replacement cost and depreciated will More then make up for the extra cost.

It is important to keep up with this in case you do have a loss.