Free Home Inventory Checklist
First every item that was destroyed or stolen has to be identified, and a list completed. You only get paid for what you can remember having.
Next the insurance companies will ask for receipts if you have then, and the date the item was purchased.
Actual cash value is a word you will hear. Basically this is what your items are worth today in used condition.
The insurance companies use a depreciation table for things like tv’s, and dining room tables.
So if you paid $500 for a table 5 years ago and the depreciation table says a table will last 20 years then it has been used up 25%. So $500 minus 25% = $375 is what they would pay you.
If you have an endorsement on your home insurance policy called Replacement Cost.
The claim works much the same way as I shared above. Except once you replace the items you give the insurance company a receipt for the cost of replacement, and tax and they give you a check for the balance.
In the case above if it cost you $587 to replace the table, you had already been given $375 for they would send you a supplemental payment of $212.
The most important thing you can do today is fill out a personal property inventory. Most people never get what they should after a loss because they cannot document everything they had.
Below you can simply print this home inventory checklist out and get started or just call us at 888-991-2929 and have one emailed to you. No cost or obligation.