Let’s talk about insurance claims… The 1 thing that should be stress-free but often ends up more complicated than assembling furniture.
If there’s 1 thing we all love, it’s getting money when we need it. If there’s 1 thing we don’t love, it’s realizing that we should have been more prepared when making a claim.
The tale of 2 insurance claims
Scenario A: The well-prepared you
You’ve got an up-to-date inventory, complete with receipts, photos, and valuation certificates. 1 day, something terrible happens; a break-in, a fire, or an unexpected giraffe stampede (hey, anything’s possible). You file a claim, and your insurer, impressed by your meticulous documentation, processes your payout without a hitch.
You’re back on your feet, buying replacements, and all is well in the world.
Scenario B: The unprepared you
You assume your insurer just knows what you own, like some kind of financial psychic. When disaster strikes and you file a claim, they ask for proof of ownership. You stare at them like a deer in headlights. Your receipts? Long gone. Photos? Never took them. Your inventory? What inventory?
Your claim is delayed, your payout is reduced, and instead of replacing your laptop, you’re stuck watching Netflix on your phone while sitting on an overturned laundry basket.
Moral of the story? Be like scenario A.
Take inventory now. Here’s what to do:
1. Document all high-value items (electronics, jewellery, furniture).
2. Store receipts and valuation certificates digitally (Google Drive, Dropbox, and even emailing them to yourself).
3. Record a video of your home to provide visual proof of what you own.
Because let’s be real, your cat’s crystal-encrusted water bowl and that expensive coffee machine you totally use deserve to be properly covered.
FAQs
Insurance 101: Why your cat’s crystal water bowl needs documentation
1. Do I really need to keep receipts for all my belongings?
You don’t need receipts for everything, but receipts make claims easier for high-value items like electronics, jewellery, designer goods, and expensive appliances. If you’ve lost a receipt, photos and bank statements can also work.
2. What’s the best place to store my inventory and receipts?
Digitally! Use Google Drive, Dropbox, or even email it to yourself so you can access it if something happens to your physical copies. A cloud-based storage system ensures your documents won’t be lost in a fire or theft.
3. What kind of proof do insurers ask for when making a claim?
Insurers may ask for photos, receipts, serial numbers, valuation certificates, and even a video walkthrough of your home. If it’s an expensive or rare item (like artwork or collectables), consider getting a professional valuation.
4. Can I just estimate the value of my belongings?
You can, but estimates can be inaccurate and might lead to underinsurance. Use current market prices for replacement costs rather than what you originally paid. A TV from 2015 won’t cost the same to replace today!
5. What’s the biggest mistake people make when insuring their home contents?
They think that their insurer automatically knows what they own and fail to keep records. Without proof of ownership, your claim could be delayed or even denied; so document your valuables now and thank yourself later.
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