You've Returned home from the movies only to find a frenzied scene of fire engines, billowing black smoke and what seems to be an endless sea of firefighters surrounding your home. No one in your family is physically hurt. But emotionally, the wounds run very deep.
It's a hard thing to think about... the loss of your most valued possessions, family heirlooms, artwork, childhood memorabilia, photo albums -- all due to a house fire. There is nothing that can be done to change the fact that you must start over. To help with that transition is your homeowners insurance policy.
Chances are, if you've never had a claim, you don't think about your insurance except when paying the premium. But the purpose of insurance is to make the policyholder whole again. And it's during a tragic situation, such as fires, when the value of insurance really comes to light.
The homeowners insurance policy does provide coverage for loss or damage to your personal property due to those perils covered by the policy. Fire is one of those perils. To expedite the claim process, a policyholder should consider having some documentation on hand about the property he/she owned. As it would be unfair to expect a homeowner, who recently fell victim to a devastating house fire, to recite from memory ever possession in every room, closet and drawer in the home. It would also be unfair to assume the homeowner policy can satisfactorily reimburse the policyholder or replace the contents without full knowledge of the types and quality of possessions lost.
The answer? Take time to do a Personal Property Inventory. Documenting what you own will greatly assist you and the company in the claims process. There are a couple of ways you can go about documenting your contents. First, you can manually write down what is contained in each room, in the garage, and in any outbuilding through the help of a Personal Property Inventory Guide (available from your insurance company or agent). This guide will contain important information, such as the purchase date and price of the items. When completed, the information should be kept in a safe place such as a safe deposit box.
A way to complement the written inventory is to use a camera (with flash) to take panoramic color photographs of each room. Be sure to record the contents of closets and drawers. Use the back of the photo to document, in ink, the date of the photo and the corresponding inventory guide page that lists the particular item. If you're dealing with small objects, put them together against a plain background before taking the photo. Also, be sure to photograph shiny items at a 45 degree angle to avoid a glare. Photos should be kept with the main inventory off premises.
Another option, which eliminates having to use rolls and rolls of film, is the use of a video camera. Video is probably the easiest way to get the job done. Simply walk through each room, panning the camera to record all the contents. Use a voice-over to relay details such as manufacturer, serial number, date of purchase, etc. Be sure to keep as many receipts as you can with your inventory. It's also a good idea to duplicate your video cassette, keeping one copy off premises. And remember to update your inventory from time to time.
To determine exactly what to document, consider the following:
Remember, what is out of sight is often out of mind. So be sure to take the time to consider what valuable items you own and document the relevant information about those items. In the end, you'll be glad you did.
Information provided by the Pennsylvania Association of Mutual Insurance Companies.
