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Know Your Contents Policy
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You’re insured, right? Of course you are – but what you don’t know about your insurance company’s claims policies could cost you a fortune!
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Here are just a few things you should understand in order to protect yourself against any kind of loss of personal property: |
Just because you have coverage for a certain value, doesn’t mean that is what you will receive.
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If your home is destroyed in a fire, it is your responsibility to provide a full inventory to the insurance company: every sweater; every book; every DVD; every piece of china; everything! Experience has shown too many people that this is impossible – especially when you’re dealing with the stress of losing your home in a fire. |
You are required to provide proof of ownership. |
When you make any claim, you will be required to provide proof of ownership. That means receipts, manuals for electronics, or perhaps valuation certificates. In the case of a robbery, that may be possible, but if you lose your house to a fire, those papers will most likely be gone. Your insurance company will then be at liberty to question every claim you make.
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Watch out for caps. |
Your insurance policy almost certainly has caps, or limits, on certain categories of belongings, such as electronics or sporting equipment. If you have collections, or valuable items, you may be underinsured in that category, even if your total contents value seems adequate. It is vital that you are aware of the value of these items, and adjust your policy accordingly.
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Lack of preparation could cause your claim to drag on for months – even years. |
If you cannot provide a detailed inventory and the paperwork to support that, your insurance company will do everything they can to avoid paying your full claim. This can result in a lengthy battle which could leave you out of pocket for a long time.
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The bigger your claim, the more resistance you will meet from your insurance company. |
If you make a single claim for the loss of a bicycle, the process should be fairly simple.
In the case of a robbery where valuable electronics or jewelry are taken, your insurance company will probably be rather less eager to pay out. Your preparedness will be vital.
If your home is destroyed in a fire, it will be the objective of your insurance company to minimize your claim to whatever extent possible. If you don’t have the necessary inventory and proofs of ownership, be prepared for a battle for every penny.
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If you leave your house unattended for more than 24 hours that could invalidate your insurance. |
Yes, even if you go away for the weekend, you should have a friend or neighbour come by and check on the house to make sure everything is OK.
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Call today for a FREE consultation
(403) 616-7972 or email at protection@assetsdocumented.com
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