Loss
There are many ways one can have a devastating loss of your personal property. Recently in different parts of this country we have seen out of control fires, mudslides, earthquakes, tornadoes,floods, record snow falls and hurricanes. These are just the natural disasters that occur each year. We are all aware of the fact that there is a home invasion/burglary committed every ten minutes in the United States. In these cases personal property is stolen and sold and generally never recovered. The possibility of any one of us having a personal property claim filed with our insurance company due to natural causes or home invasion is extremely high. We have all heard the homeowner being interviewed on the news that states “I never thought that this could happen to me, I have lost everything”.
Recovery
When we are faced with a devastating loss of personal property you can easily understand how one may not be able to think clearly about what to do next. It probably takes some time for you to begin to recover and begin to make decisions on what you must do next to get your life back in order. There is usually some assistance available to help you put the pieces back together, but no matter what, you will be responsible forinitiating and filing the claim with your insurance company. The process of getting an insurance claim settled can be sometimes quick or it can be a long drawn out process. The total loss of your home structure can be relatively easy to determine the claim value because the insurance company knows what your house was insured for and the cost to rebuild the structure.
To determine what the insurance company needs to pay you for your personal property is a completely different proposition. If you are like most homeowners who have to put together a personal property list from memory, if that is how it must be, rest assured your claim cannot be settled quickly. Personal property list generated from memory will always have missing assets which will guarantee that the insurance company will not pay you for assets you do not list. Not many of us could remember everything we own.
Having an Assets ID Portfolio that you can hand over to your insurance company claims adjuster will help you settle your claim quickly and insure that you are paid for all of your assets.
The Assets ID Portfolio is as important a document as your Homeowner’s Policy. You Do Not want to have an unfortunate loss of personal property without both of these documents available and ready to help your insurance company cover your loss.