Proof of loss is the documentation that proves your ownership of certain items, such as if they are stolen and you need to make an insurance claim. Proof of loss helps your insurer verify which of your items were damaged or destroyed in a covered claim and how much they were worth so your insurer can help you reimburse for lost items.
You probably don’t expect them to come to your home, but it’s important to be prepared. Home, condominium, and tenant insurance generally cover personal property (within the limits set in the policy). However, in order to make a claim, you need to know what happened. Can you list the specific items that were stolen or damaged and how much were those items worth?
DO I NEED A LOSS FOR AN INSURANCE CLAIM?
If you need to make an insurance claim, your insurer may request a list of lost or damaged items. You may need to provide proof of ownership, eg B. receipts or invoices. For this reason, it can be helpful to think ahead, keep an inventory of your assets, and keep it up to date.
Here are some tips for creating and protecting your home inventory:
HOW TO CREATE A HOME INVENTORY
Here are some tips for creating and protecting your home inventory:
Make a comprehensive checklist
Make a list of your assets and back them up with relevant information. You should include the item type, year of purchase, original price, and other relevant details.
Include sales receipts, sales contracts, and any valuation documents and notify the Insurance Information Institute (III).
When it comes to your clothes, count the number of items you own by types, like shoes and pants, recommends III. Write down the make, model, and a serial number of electronic devices and equipment.
Keep your inventory list in a safe place; B. in a safe or with a trusted friend or family member. Make sure to update your list every time you make a large purchase.
THINK VISUALLY
You don’t have to be a professional filmmaker to film or photograph every room in your home. When choosing to use videotape, tell stories on the go. Analyze each element and observe its properties and conditions.
Make a digital recording
If you’re worried about losing your printed list, consider using a software option or a mobile app to take a digital record of your assets.
An electronic inventory program can help you organize and store your information. Whenever you create a digital file, you should back up a copy and save it to an online storage account or to an external drive.
By taking stock of your own data now, you will get a clearer picture of your own data and be assured that your documentation will be in order in case something unexpected happens.
