Disasters can strike at any time and their unpredictability, combined with the damages they cause, leads to major issues for homeowners, renters, and businesses. Although catastrophic events can never be fully prevented, there are proactive measures that can be taken to reduce damages and expedite recovery times. One prime example is having a property inventory for personal or commercial assets. A property inventory is simply a detailed listing of all assets, such as vehicles, furniture, electronics, tools, equipment, and personal and commercial valuables, along with details that can confirm their value. Today's blog post highlights the importance of having a property inventory for homeowners, renters, and businesses.
The Basics Of A Property Inventory
A property inventory is a detailed file or list containing all assets owned by the homeowner, renter, or business, with relevant details included. For many, this might be a spreadsheet, database, or even slideshow containing asset information, photos, the date of purchase, purchase price, condition at the time of inventory, and other pertinent details. Original receipts can also be scanned and added to the digital property inventory for an additional layer of protection. Once completed, the property inventory should be saved and stored digitally within the home or business, and with a duplicate file saved offsite or on a cloud-based system so it can be accessed at any time. For extra peace of mind, a paper copy can be printed and stored in a waterproof safe or offsite location.
When a catastrophic event impacts a homeowner, apartment renter, or company, insurance carriers will need information about any assets lost or damaged before processing a claim. But how can you prove purchase or ownership when the item is destroyed and there is no proof of purchase? Whether they're stored on top of a desk, in a folder, or locked inside a file cabinet, most paper receipts are normally destroyed or lost during disasters. For this reason, a digital property inventory is beneficial since it lists all assets and relevant insurance details such as the date of purchase, cost, and condition that are required when claiming damages for insurance purposes. A property inventory can save homeowners, renters, and businesses time and energy, as they don't have to hunt down duplicate copies of key receipts or hope that a small paper receipt survived a flood, hurricane, or fire.
Expedites Insurance Claims
When property owners don't have to hunt down paperwork to confirm ownership, and instead have a thorough and recent digital property inventory, it can significantly expedite the insurance claim process. Insurance claim adjusters can review all relevant asset information in one file, reducing the possibility of delays in claim processing. In addition, a property inventory can result in a more accurate insurance claim because it's not a guess or rough estimate of assets and their values. Clients impacted by disasters can get claim benefits that allow for a full recovery, and not a partial recovery with many outstanding repairs or replacement costs to cover out of pocket.
Small Items Add Up
One of the major mistakes homeowners, renters, and businesses make after a disaster is not claiming smaller items as losses, or not including them in a property inventory. The reality is that the value of small items quickly adds up, and customers should never underestimate the number of assets owned, no matter how small. Skipping smaller assets or devaluing their worth can result in the property owner facing financial shortfalls trying to replace all of their "small value items" out of their own pockets.
Aegis proudly offers top quality personal and commercial insurance solutions for homeowners, renters, and businesses across the state of Texas. With our exceptional customer service and top quality insurance coverage options, Aegis is the smart choice for property owners desiring to protect their assets in the event of a disaster. Contact Aegis today at 713-850-7622 for more information, or go online to request a free quote!