Monday, January 07, 2008

Compiling A Property Inventory - Vital When You Claim

By John Paige

When you make the decision to cover the contents of your home through your UK flood zone insurance policy, you need to know that it is more than simply telling the company what you want. You will be required to have a thorough and detailed list of all of the contents of your home and property, everything that you need and expect to be covered.

This compilation and study of the inventory of your house would give you a great idea of what all to insure and at the same time it will help you to get the best out of your UK flood insurance policy. This will have other advantages like you can save some money on somebody else compiling the inventory for you and this whole process will speed up your flood insurance claims.

This brings up the question of how the inventory is made? If you happen to shift or buy a new home, it is easier to compile from the very beginning than to wait till all the things spread through the house over the years. Finally you will realize that you are passing your time among a lot of buried things that even you did not know you had.

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.

Once you have chosen a room to start in, simply make a list of every item in the room with a short description of the item. It is recommended that you include model or serial numbers and an estimate the cost of replacement at present day pricing guidelines.

This process would become easy once you get the method of estimating the price for each item in your property. You can also take the present market prices as a cue for calculating the estimated price of each item. You can calculate the estimated price from the age of that product and how long you are going to use it. This price would be almost accurate to provide you the right content insurance. The same procedure can be repeated with the other items in your house.

If your inventory includes valuable products like antiques, artworks and paintings you need to hire the services of an expert. You should convey all the information to your flood insurance provider like the list of items that you have bought or sold 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 last tip would be to take pictures of all your belongings and keep them in a safe place, possibly even outside of the home. Having pictures provides proof of ownership, and sometimes serves as a reminder to claim things you may have forgotten that you had. It is possible sometimes, to simply forget all you have, especially when dealing with a crisis like a flood.

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