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Creating An Inventory- Vital To Your Claim

Jan 7, 2008
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.

By compiling a complete inventory, you gain a better idea of how much coverage you will need while at the same time saving the cost of hiring someone to do it and expediting the entire claims process in the event of a flood. This will ensure that you get the most from your flood insurance policy.

So how is an inventory made? If you buy a new home or has just moved into a new one, it is better if you start to make an inventory right away and not wait until things pile and accumulate through the years. You may find yourself spending more time buried amidst a clutter of things you did not even know you have.

To start the inventory, you need to make a systematic plan where or in what room to start. Make a list of all the rooms in your house. For example you may start in the living room, moving on to the bedrooms, the kitchen, the garage, the attic, the basement, balcony, closets, and all the other rooms. Make a systematic method that is also convenient for you.

Once you have chosen a room to start in, simply make a list of every item in the room with a short description of the item. It is recommended that you include model or serial numbers and an estimate the cost of replacement at present day pricing guidelines.

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 own highly valuable items such as artwork and antiques, it is recommended and usually necessary to hire a trained professional to appraise the items to determine their total worth. It is crucial to inform your insurance provider if you buy or sell items, especially those of notable value, so that they can adjust your inventory.

If you update your insurance provider about the inventory you have, it would help you to cover all the contents of the home incase of a disaster. It is also a prime requirement to keep your inventory list and the estimates at a safe place for you to put up your claim. This factor could either speed up or delay your flood insurance claims when you want it.

One last tip would be to take pictures of all your belongings and keep them in a safe place, possibly even outside of the home. Having pictures provides proof of ownership, and sometimes serves as a reminder to claim things you may have forgotten that you had. It is possible sometimes, to simply forget all you have, especially when dealing with a crisis like a flood.
About the Author
Looking for advice on flood insurance , flood insurance basics or lessening your flood insurance costs? FloodInsuranceAdvice.com is a goldmine for information on all facets of flood insurance.
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