Home Inventory

[mkj246]

What is the name of your state? NY

I have some questions about how much detail should be retained about your home inventory in order to support insurance claims in the event of a loss.

Research I have done shows that you should retain receipts for "big ticket items" and valuables, and that your policy should cover things like clothing and furniture. I have also been told that even though your policy may cover common household items, you still may not get properly reimbursed due to lack of evidence.

I have done a great deal of work to capture this, but I think it may be overkill (I have videotaped the whole house, and recorded all items in a inventory program, and saved the receipt of every durable item and filed it in a fire safe).

1) At what value level (dollar amount) should you retain receipts? When do items become valuables? Most are obvious, but I'm looking for a definition to define when I should and when I should not retain receipts.

2) Is it necessary to have a list of EVERY durable item (e.g., all articles of clothing)? Or is this just a way of determining that you have enough coverage for all your possessions?

Any advice would be appreciated.

Thanks,

Matthew

 

[BelizeBreeze]

Too much information is NEVER too much. Keep a list of all items and their serial numbers (if there are any) and a copy of the videotape in a safe, fire-resistant place.

Before I sold my last home I had two paintings in my office. One was by a friend who has gained some renown in the south and the other by Ben Marshall. They raised my rates by $480 per month.

HOWEVER, before the insurance company would allow them to be added to the policy I was required to have them appraised for both insurance value and replacement value. You can imagine what a Ben Marshall costs to replace. You'd have to dig up up and stick a brush in his dead, decaying hand.

Both paintings are not registered and in a safe place.

 

[mkj246]

Thanks for the response, Belize.

Having valuable things appraised and accounted for such as your paintings make perfect sense. However, what about the multitude of mundane items such as every day clothing? Each piece of clothing by itself is not worth much at all, but collectively, replacing an entire wardrobe would be expensive. If you had to do that, what kind of documenation or proof of purchase would be required, if anything?

Thanks,

MKJ

 

[BelizeBreeze]

Thanks for the response, Belize.

Having valuable things appraised and accounted for such as your paintings make perfect sense. However, what about the multitude of mundane items such as every day clothing? Each piece of clothing by itself is not worth much at all, but collectively, replacing an entire wardrobe would be expensive. If you had to do that, what kind of documenation or proof of purchase would be required, if anything?

Thanks,

MKJ

Of course I had to do that as part of the process. I simply stated 23 pair of pants, 64 long sleeved shirts, cotton, 27 knit pullovers, various colors, 7 pair of shoes, leather, three brown, two black one tennis shoes and one house slippers....etc.
The suits I took photos of the labels and described them to a T at $1,000 each, they are worth the extra work.

The boxers I left out

 

[claimlaw]

You have received excellant advice here.

There is no such thing as too much documentation. Video is excellent. Make two copies. Store one offsite and the other in a fireproof as previously described.

There are a number of software/spreadsheet packages available on the cheap. I saw one recently on eBay that was well set up.

AND, we always include the boxers, the paperclips, and unused portion of toilet paper left on the roll[at the time of a loss].

Again, videotape EVERYTHING IN EVERY DRAWER IN EVERY ROOM.Claimlaw.

 

[mkj246]

Claimlaw,

Thanks for the info - I will definitely follow the video tape advice and film everything.

I am also assuming from your note that retaining the receipts is also desirable (as long as they too are stored in a fire-proof location).

How about the interval of retapings? Would anually be sufficient?

 

[claimlaw]

Receipts are overated. If you have them great. If not they aren't a deal killer and often are used against the claimant. Serial #s and owner's manuals are a true bonus. This is why the video and all of your family photos should be fire protected.

Although mere possession doesn't constitute ownership, insurers that try to construe the language strictly against unsophisticated consumers [homeowners] are walking in dangerous territory.

Video is king. You can scan everything you own in a few hours and then in the event of a claim, you can break it down into a nearly infinite number of stills.

Your goal is to establish: Ownership 1st; Replacement Cost 2nd; Age/Life 3rd. Most homeowners policies are RCV Policies. Age/life helps resolve the ACV portion in your favor.

Just so that you are aware; there is no such thing as replacement cost coverage. All losses are settled on the basis of ACV first and then you have to jump through hoops to recover the withheld depreciation. Insurers know that you will never recover all RCV amounts. It amounts to a mostly hollow promise for additional consideration.

Claimlaw

 

[teriblehm]

A Picture Speaks A Thousand Words....

washington state

...or something like that. I did have a written inventory and not a video. Being an interior designer, I had photos galore that shared everything in the condo I rented on Lake Union in Seattle.

My story question is in the environmental toxic forum if you would like to see details.

My renter's insurance investigated the cause and paid the full policy. I was minimumly insured $50,000. The policy was for possible earth quake. My loss was over $250,000 and I am now in the throws of dealing with the condo owners insurance to compensate. I have my photos! That will work too.

 

[alligatorob]

Florida Last summer I lost most of my household goods to flood damage from a hurricane, I also lost all of my reciepts. I had a few pictures but no pre storm inventory. Some of the stuff was still in my house or yard or the neighbors yard or the street, but some of my stuff was just gone and I had no pictures or any evidence I had ever had it. I had to come up with a list of my losses from memory.

In my case the insurance company was very good about the list I came up with after the storm of what I had had. They questioned nothing and paid me fair value for most everything. The problem of not having an inventory or good pictures was that I could not remember everything I lost and so I am sure I did not claim everything I should have. Now we keep good pictures, I think they are more pratical than a list. We take rolls of film and leave them with relatives, so next time if the house is gone we will still have the pictures.