Compiling A Property Inventory
When you plan to get a
flood insurance policy to cover the contents of your home, you can
not just walk in and announce your wish. The insurance company would
require you to have a detailed list and thorough inventory of all
the things and contents you want cover.
Compiling an inventory would not only enable you
to have an idea how much you need to insure your contents for, but
it will help you get the most of your UK flood zone insurance policy.
This will also save you a lot of money to have somebody else do
the inventory for you, and your flood insurance claims will be settled
with greater speed.
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.
When you start on the first room, all you have
to do is to make a list of every item and write a short description
for each. You should include the serial number and the year model
or date of the item as well as an estimation of the cost based on
the present day prices.
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 have valuable items like artworks, paintings,
antiques and other valuables you will probably need the services
of an expert. It is important to tell your flood insurance provider
as much information as possible, whether you buy more items or sell
anything for them to adjust your inventory.
Updating your insurance provider about your inventory
would assure you that in case of emergencies or calamities, your
contents are properly covered. One final advice, be sure to keep
your inventory lists, receipts and other important documents which
may be necessary when you make a flood insurance claim in a safe
place. This could be a factor to speed up or delay getting your
insurance claims when you need to.
One final tip - take pictures of everything you
own and store them in a safe place. Having pictures will help you
prove ownership and also remind you that you possessed the item
in the first place! It's easy to sometime forget what you have!
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