Get Your Homeowners Insurance Claims Paid Faster!

Homeowners insurance claims are processed 50 to 100 percent quicker when a claimant has completed a home inventory.

A recent survey of insurance professionals by Insurance Journal Magazine, found that nearly 80 percent of insurance professionals believe that homeowner claims are processed 50 to 100 percent quicker when a claimant has completed a home inventory. This is just one more reason that every homeowner should take the time to do a home inventory.

In an interview with Insurance Journal Mark Welzenbach, chief claims officer at The Hanover said,
“This survey says loud and clear that there’s a real value in taking the upfront time to create a home inventory.” He continued, “You never know when a disaster will strike – whether it’s theft, damage or weather, but when it does, the priority is to restore your life. A home inventory documents your contents and the value of your possessions to help expedite the claims process.”
Despite the evidence that home inventories are well worth the effort, most of us have not completed one. A study done by Allstate of Atlanta homeowners discovered that only 41 percent of respondents had done even a partial inventory of their home contents.

The Insurance Journal poll found that over 20 percent of insurance professionals felt that home inventories resulted in claims being processed 100 percent faster which could mean that a settlement check would be arriving several weeks sooner than for claimants that haven’t completed an inventory.

Experts say that the key to a complete home inventory is a description of your items as well as proof of ownership. Homeowners should have serial numbers, along with make and model information for electronics and appliances. Receipts and warranty information is also key. When it comes to more expensive, collector items such as artwork or jewelry, a professional appraisal and photos are highly recommended.

There are a number of different ways to complete a home inventory. While it is possible to still use printable inventory sheets, most experts recommend using technology to handle your inventory. There are a number of apps available for smart phones and tablets.

While technology is often a quicker and more secures solution, the important part is using the process that you are most comfortable with and actually doing a home inventory. It is also key to update your inventory on a regular basis. A home inventory will pay big dividends if you ever suffer a catastrophic loss. The benefits include not only a faster claim payout but can also prevent a denied claim or being underinsured. For additional help with your home inventory and to help make life easier, please visit our recent blog post titled: Best Home Inventory Apps on the Market.

According to experts, doing a home inventory will often help homeowners understand the value of their home contents. It is often surprising just how quickly all of your items add up, homeowners are often shocked by the grand total. In some cases, the total value may require upping coverage limits.

Once a home inventory is complete it is important to make sure that it is kept in a secure location, away from your home. Experts recommend that a hard copy is kept offsite in a safety deposit box and an electronic version is stored in the cloud. Many of the available apps offer free storage of your file on their servers. This will ensure that you have quick access to it in the event of an emergency.