Video Recording Contents for Insurance

MommyLiberty5013 · July 2013

A few posts ago I wrote about my sis and BIL's rental truck (still full) being stolen.

As this story was unfolding, I got curious about my own homeowner's policy and called up the customer service to ask a few questions.

All this makes sense to me, but it is new information for me to process. I wanted to pass it along for your consideration. I assume every insurance company probably operates pretty much the same way with claims.

When you have a loss/claim (I have never had one) they ask you to fill out a form listing contents and values. Then, they send you a check for a set amount. You, in turn, have to rebuy the items on your list at the same or similar value and send them proof of the purchases in the form of the purchase receipts.

The lady with whom I spoke strongly urged to video record the contents of my home every 6-12 months. She said that claims go faster and smoother if the claims adjustor can actually see what you need to replace. She also pointed out to be sure to zoom in on name brands or more expensive things to get details. For example, I could do a video pan of my kitchen with the cabinets all open but zoom in closer on my large and counter top appliance names.

She does this and uploads her videos to a cloud drive so they are not stored on the property. But, I suppose making a DVD and having a family member keep it or using a bank's safe deposit box works too.

I got to thinking. If my home burned up...I'd lose in the laundry room, for example, a set of front loading machines. If I had pictures of those for an adjustor, I could visually prove that I needed $XYZ to rebuy them instead of having her/him try to argue with me about buying cheaper machines and not needing a bunch more money from the insurance company.

Anyway, here's another project to add to my list. But, has anybody already video recorded their home's contents?

brij2006 · July 2013

I'm an insurance agent, and it never hurts to have a video or list of the inventory of your home. Now, in the event of a total loss, the adjuster isn't going to argue with you on what brand of appliance you had or if you really need to replace it with that brand.

Let's say you have $100k worth of personal property coverage, and your home caught fire and was a total loss. The insurance company will likely hand you a check for $30k that day so you can purchase clothes, groceries, things you need immediately. You will turn those receipts in, and once you get close to the $30k, then they will likely release the remaining $70k to you so you can purchase the remaining items to furnish your home.

However, if you have items of significant value, an antique, or collection, then it is best you get those items appraised and schedule them onto your insurance policy. This way you get the full value needed to replace those items. It is also a good idea to schedule those items so you aren't using $25k of the $100k to replace a collection or rug.

MommyLiberty5013 · July 2013

brij2006:
I'm an insurance agent, and it never hurts to have a video or list of the inventory of your home. Now, in the event of a total loss, the adjuster isn't going to argue with you on what brand of appliance you had or if you really need to replace it with that brand.
Let's say you have $100k worth of personal property coverage, and your home caught fire and was a total loss. The insurance company will likely hand you a check for $30k that day so you can purchase clothes, groceries, things you need immediately. You will turn those receipts in, and once you get close to the $30k, then they will likely release the remaining $70k to you so you can purchase the remaining items to furnish your home.
However, if you have items of significant value, an antique, or collection, then it is best you get those items appraised and schedule them onto your insurance policy. This way you get the full value needed to replace those items. It is also a good idea to schedule those items so you aren't using $25k of the $100k to replace a collection or rug.

Thanks! I learned some of this today too. RE: Collections, antiques, artwork, etc. what happens if you cannot buy a replacement for the item?

If you have it under a valuable personal property rider, does the company just pay you for the loss and not expect you to replace it? Or, do you have to buy a similar item.

Like, let's say I owned a Monet oil painting (I don't, lol) and it was stolen or destroyed. Obviously, I cannot get another. What happens?

Also, what about firearms?

vlagrl29 · July 2013

brij2006:
I'm an insurance agent, and it never hurts to have a video or list of the inventory of your home. Now, in the event of a total loss, the adjuster isn't going to argue with you on what brand of appliance you had or if you really need to replace it with that brand.
Let's say you have $100k worth of personal property coverage, and your home caught fire and was a total loss. The insurance company will likely hand you a check for $30k that day so you can purchase clothes, groceries, things you need immediately. You will turn those receipts in, and once you get close to the $30k, then they will likely release the remaining $70k to you so you can purchase the remaining items to furnish your home.
However, if you have items of significant value, an antique, or collection, then it is best you get those items appraised and schedule them onto your insurance policy. This way you get the full value needed to replace those items. It is also a good idea to schedule those items so you aren't using $25k of the $100k to replace a collection or rug.

that's what we do with DH's camera equipment, my musical instruments, and our jewelry. I would never had thought of video taping our home contents.

BrittP10 · July 2013

I am a property insurance adjuster. Videoing is great if you have a large loss and need to show proof of ownership . One of the most important things I can recommend is to make sure you have a replacement cost policy. Otherwise items like a 5 year old computer will depreciate by 90% of its value. Also , know your policy limitations and make sure you have enough coverage for items like jewelry and firearms !!

brij2006 · July 2013

If you have the item scheduled, then you get the amount it is insured at, no matter what. They understand that some items are not easily replacable.

Also, firearms you would want to schedule.

I have an antique ring that is scheduled for $25k. There is no way we would be able to replace it exactly, but if something were to happen to it I would want to replace it with something. That is why we have it insured. It also has 4 gems in it, and if one falls out and gets lost, then I have enough coverage to replace that gem.

Video Recording Contents for Insurance

Re: Video Recording Contents for Insurance

Choose Another Board

Search Boards