Despite the recent increase in homeowner claims the last few years, home inventories are still very rate. A recent Allstate Insurance survey of Atlanta homeowners found that while than more than 90 percent of homeowners are concerned about protecting their homes, only 41 percent had ever documented or valued their contents. Not having an inventory can cause a significant delay in your claim resolution.
If you dont have an inventory, the claims adjuster will have to methodically go through each room and try to reconstruct each room which can be very tedious and time consuming. Attics and basements are probably the toughest since they contain items that are stored and rarely used. Closets can be equally as bad. According to the Allstate survey, many homeowners forget about home décor, rugs, bedding and bath towels when valuing their items.
According to a survey by The Hanover Insurance Group, homeowners receive claim payments faster when they have a home inventory. An Insurance Journal magazine poll, sponsored by the Mass.-based insurer, found that nearly 80 percent of insurance professionals believe homeowners insurance claims are processed 50-100 percent faster when customers have completed a home inventory in advance.
Hopefully, a home inventory will be something youll never have to use but if the need arises, it will be time well spent.