Creating An Inventory- Vital To Your Claim
John Paige
When you make the decision to cover the contents of your home through your UK flood zone insurance policy, you need to know that it is more than simply telling the company what you want. You will be required to have a thorough and detailed list of all of the contents of your home and property, everything that you need and expect to be covered.
This compilation and study of the inventory of your house would give you a great idea of what all to insure and at the same time it will help you to get the best out of your UK flood insurance policy. This will have other advantages like you can save some money on somebody else compiling the inventory for you and this whole process will speed up your flood insurance claims.
Now you might be wondering how exactly an inventory is compiled. If you have recently bought a new home or moved into a new one, it is recommended that you make an inventory right away rather than waiting for things begin to pile up and accumulate over the years. By waiting, you run the risk of finding yourself buried amongst a pile of things you did not even know you had.
To start building an inventory, you need a system. It is best to go room by room. Start by making a list of every room in your home. Find a convenient method for working your way through every room, such as starting with the basement and working your way up through the house, or from the attic down.
When you start on the first room, all you have to do is to make a list of every item and write a short description for each. You should include the serial number and the year model or date of the item as well as an estimation of the cost based on the present day prices.
This should be easy for you once you get the formula for estimating the value of contents in your property. You can get the original cost of an object based on the present market price. Then estimate its lifespan and how long you have had it, how long you expect to have that item around and you can get an almost accurate estimate to get the right content insurance. You can do this with all the other items in your house.
If you have valuable items like artworks, paintings, antiques and other valuables you will probably need the services of an expert. It is important to tell your flood insurance provider as much information as possible, whether you buy more items or sell anything for them to adjust your inventory.
It is really important to make sure your contents are properly insured, by ensuring that you advise your insurance company of any changes to your assets. Also it would really helpful in the event of a claim to make sure that your lists of inventory, receipts and so on are kept in a safe and secure place. Doing so may well assist in getting your claim settled quickly and expeditiously.
It would also be helpful if you take photographs of the things that you own and keep it in safe custody. This would help in proving your ownership and also help remind you that you posessed it at all. It is possible to forget what you own.
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