Proof of ownership will remain one of the things that cause a lot of headaches for insurance companies. That is of utmost importance for you as a client to keep sufficient documentation of proof of ownership regarding your expensive items. Having this documentation assists your insurance agent in replacing your stolen or damaged item without any hassles.
We have provided you with a few methods you can use, to keep your proof of ownership up to date and safe:
1.The Old-School Method:
Thoroughly documenting each item you own is the most important aspect that insurance companies put the most emphasizes on when it comes to claiming. Your documentation should include a description of each expensive item you own, as well as the serial numbers for the items, if available. Take photographs, if possible, of your items to aid in your inventory process. Once your major items are recorded, store your records in a safe place, preferably away from your home.
2.Document, Document, Document:
Keeping all your receipts isn’t just useful at tax time. It can also be useful to help prove ownership and replacement value of your big-ticket items. Other documentation, such as appraisals for antiques, collectibles and jewellery, should also be maintained in a safe place. Actual cash value policies won’t reimburse you for the full purchase price like a replacement value policy might, but either way; you’ll have additional proof of your possessions.
3.Category Limits:
Thoroughly documenting your items does not necessarily mean your insurance company is automatically going to replace everything. It’s just as important to understand the limits of your policy. It is of utmost importance that you ensure your insured valuables, are insured for the correct amount, and not understated on your policy schedule.
Keeping these few methods in mind, will contribute to making life easier for you should you ever have a claim.
Post a comment