| When filing an insurance claim, many people forget | | | | many years to follow. It’s a beautiful house with |
| items. Others spend numerous months – yes, | | | | a touch of charming local history and plenty of |
| months – trying to remember what they | | | | breathing room for their four growing boys. As a |
| own(ed). And quite a few find months after the claim | | | | child, his wife actually dreamed of owning the place! |
| is settled that they didn’t claim and will never | | | | |
| recover thousands of dollars with of personal | | | | Two months later, they woke in a haze of smoke |
| property. | | | | with alarms sounding. Though the family escaped |
| So what can you do maximize your claim and | | | | unharmed, an electrical fire left the basement |
| minimize the time it takes to file? The National | | | | completely burned out while the rest of the home |
| Association of Insurance Commissioners (NAIC) | | | | and personal belongings were affected by |
| suggests that you take an inventory of your | | | | heat, smoke and water. |
| belongings. This should include taking photographs or | | | | They are responsible people who were fully insured. |
| a video of each room. The documentation will provide | | | | In fact, most of their belongings were documented |
| your insurance company with proof of your | | | | on a written report and also videotaped. |
| belongings and help to process claims more quickly in | | | | Unfortunately, the documentation and backups were |
| the event of disaster. Remember to include items | | | | temporarily stored in their home due to the recent |
| you rarely use (e.g., holiday decorations, sports | | | | move. |
| equipment, tools, seasonal items, etc.). | | | | The outcome of their insurance claim was somewhat |
| To file claims more quickly, the NAIC suggests that | | | | unusual in that they recovered more than 90 cents |
| you keep sales receipts and/or canceled checks. I | | | | on the dollar (most victims state they recover |
| also suggest that your photos and written report are | | | | between 30% and 50%). But the claim required more |
| compiled room-by-room, as adjusters and insurance | | | | than 5 hours of work per day, 7 days a week, for 16 |
| companies state that is the preferred format when | | | | months. The process left them, in his words, |
| filing a claim. | | | | “burned out” as well! |
| Without an inventory, could you remember what you | | | | |
| own? Insurance adjusters state that people with an | | | | This shows that even if you’re fully insured, you |
| inventory can file their initial claim within 36-48 hours | | | | most likely are not aware of everything you must |
| of a disaster. Those without an inventory take from | | | | consider to properly issue a claim. Best advice: |
| 4-12 months to complete the process. And because | | | | photograph your contents and have an accurate list. |
| they have documentation listing their belongings, they | | | | If you don’t have the time or choose not to do |
| are able to maximize their claims. Less is forgotten, | | | | it yourself, use the insight and experience of a |
| and the photographs support ownership. | | | | professional. The cost is well worth the investment |
| A fire victim’s experience provides some insight | | | | in peace of mind. You’ll maximize your claim and |
| … after 10 years of marriage, he and his wife | | | | minimize the time it takes to complete the process. |
| purchased the house they planned to stay in for | | | | |