Home and Business Inventory

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When it comes to insurance, there are many details and requirements that are not often thought of until you are faced with a crisis situation, at which point it is often too late. One such detail is that you are required to provide a schedule of contents lost or damaged as part of a claim.

This schedule requires information such as:

  •  A description of the item(s);
  •  Date purchased and where the item(s) were purchased;
  •  Purchase price;
  •  Current replacement cost;

On the surface, this seems like a pretty straightforward and simple task, but disasters always have a tendency to strike when least expected. Imagine coming back from vacation to your home or business and finding nothing but a pile of burnt rubble. Once the initial steps in the claim process have been taken care of, you will now be required to provide a list of items lost in the claim. Where do you begin and how are you going to ensure that you are fully indemnified for your loss? Will you remember every single item that was inside your home or business? Not likely.

A great preventative measure to help ensure an accurate and prompt claim settlement prior to making a claim is to complete a home or business inventory. Although initially an inventory does require some work, it is an invaluable tool in the event of a crisis. In addition to ensuring that all contents can be listed and included in a claim, an inventory will ensure that you are carrying an appropriate amount of coverage on your personal property or business contents.

Some quick tips with respect to inventories:

  • To save time, use digital photos or video if available. Something is better than nothing.
  • Make sure you update the inventory from time to time, perhaps at renewal time. A 5 year old inventory is not likely to be accurate.
  • Keep a duplicate copy offsite. Your broker would be happy to keep a copy in your file.

Don’t risk financial loss or down time. Complete an inventory for peace of mind.

 

 

 

 

 

*Thank you to IBC Canada for the great info

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