Insurance Claims Process

Documentation of your valuables

If you’ve ever experienced a significant loss or met somebody who has, odds are an insurance assessor has asked for evidence or documentation supporting your claim.


Too many applicants discover that not only would their insurance payments be much simpler, but also much higher had they kept the documents.


The average house contains a great many things from the most important equipment to the everyday details. Individuals are frequently careless about reporting what they possess. "I’m covered, anything I'm losing will be covered with my insurance." "So what have you lost then, is the question." It's difficult to answer this question without good records.


Truly, you may have extraordinary coverage, however, an agent working a case doesn't have a mystery database demonstrating what your home contained before it was destroyed by fire or fell over in a seismic tremor.


50% of the home restoring cost for a home is determined by a typical homeowner policy. For instance, the content will be covered up to $200,000 if your home were insured for $400,000. The question is how will you do the daunting task of repairing everything in your house, regardless of the fact that an insurance company agrees to pay off the full material coverage?


The appropriate response, obviously, is your property should be documented. It can be achieved in many ways, ranging from a complete arrangement of receipts that display all you ever bought, to photos of these things and itemized spreadsheets.


Video is probably the best way of documenting your valuables. For those who assume that keeping receipts is the best approach, note that a large number of receipts just display the money they spent, but not things purchased, for instance, your credit card purchases. If $84.37 was spent at Macy’s, it won't display what was bought, as with Mastercard and Visa, unless it is on a Macy's charge card.


Incidentally, are those receipts and statements on paper kept in a file organizer at your home office? If so, they would probably be destroyed with all the other items in a blast. Family heirlooms and wedding gifts from decades ago are possibly without records.


It is difficult to argue for the usefulness of video for your home documentation. Computerized cameras incorporate a timestamp, yet you can begin your home documentation by demonstrating a paper or PC screen displaying the date the documentation is made. You will probably be asked "When was this video shot?” before the insurance adjuster passes a $200,000 check.


Go room by room around your building. Begin to show the entire room slowly panning around the room.Then go drawer to drawer, cabinet to cabinet, open and close each one while you're going about it. Keep your videos short, close to 45 seconds; you won't want a 50-minute clip showing the upstairs of your house should the day come when the video recording is to be used to set up the claim because you won't know what's in the video without watching all the 50 minutes upstairs!


Each time you stop and resume, advanced camcorders make a new film. You can view the principal picture of each clip being reflected on the screen when you insert the media card from the camera into a monitor. By shortening the clips, you can without much of a stretch find a specific room, bureau or wardrobe. This is particularly important in burglary claims when just high worth things are taken.



Present-day video cameras show great detail when it comes to high-quality items. A precious painting, usually comes with a signature, main equipment has a barcode that shows model numbers and sequential numbers, most weapons have sequential numbers, fine precious stones, china and crystal manufacturers ' stamps and etchings.


Comprehensive home documentation of HD Video produces a GB per 1000sq.ft. You probably won't go over two gigabytes a 1000sq.ft., even if you're incredibly detailed. The average home of 2500 sq. ft., therefore, generates 3.0GB-3.5 GB.


You can purchase the smallest size 16GB, USB flash drive today, so you can conveniently copy it on removable media and the cloud when you finish your documents. What is essential is to create and store copies from home.


This could be a safe, family or friend's home or your insurance agent's safe deposit box. Your data must be stored offsite, ideally the original. Individuals regularly experience the difficulty of recording just to have everything supported upon their home PCs. If a robbery happens or a fire breaks out, the data will be lost as will the computer on which it has been stored.


The primary concern when paying insurance claims is to limit what can be contested. Note, insurance companies do not pay claims, just collect the money. Just think about what you want replaced, even in the uncommon instances where they agree to pay out? You're not going to know where to begin without documentation.


As an expert photographer, I record my customers’ properties. Just like you are unable to purchase further insurance after having suffered a misfortune, similarly, you cannot record your property once it’s gone.



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