{"id":105,"date":"2015-07-08T01:57:36","date_gmt":"2015-07-08T01:57:36","guid":{"rendered":"https:\/\/www.homeawayresidentialservices.com\/blog\/?p=105"},"modified":"2024-04-08T16:51:51","modified_gmt":"2024-04-08T16:51:51","slug":"your-personal-property-inventory-explained","status":"publish","type":"post","link":"https:\/\/homeawayresidentialservices.com\/blog\/?p=105","title":{"rendered":"Your Personal Property Inventory Explained"},"content":{"rendered":"<p style=\"text-align: center;\"><strong><em><span style=\"color: #0000ff;\">&#8220;If you think that having insurance is enou<\/span><a href=\"https:\/\/www.homeawayresidentialservices.com\"><img loading=\"lazy\" decoding=\"async\" class=\"  wp-image-87 alignright\" src=\"https:\/\/www.homeawayresidentialservices.com\/blog\/wp-content\/uploads\/2013\/08\/The_Thinker_Rodin-2-288x300.jpg\" alt=\"The_Thinker_Rodin-2\" width=\"179\" height=\"186\" srcset=\"https:\/\/homeawayresidentialservices.com\/blog\/wp-content\/uploads\/2013\/08\/The_Thinker_Rodin-2-288x300.jpg 288w, https:\/\/homeawayresidentialservices.com\/blog\/wp-content\/uploads\/2013\/08\/The_Thinker_Rodin-2.jpg 299w\" sizes=\"(max-width: 179px) 100vw, 179px\" \/><\/a><span style=\"color: #0000ff;\">gh,<\/span> <span style=\"color: #0000ff;\">THINK AGAIN!<\/span> <span style=\"color: #0000ff;\">Insurance companies will only pay for losses on items that you can prove you own!&#8221;<\/span><\/em><\/strong><\/p>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"432\">Having an up-to-date home inventory is a crucial component of Financial Changes, Disaster Preparedness and Life Changes. Whether it is Natural and\/or Man Made doesn\u2019t make a difference. Detail with precision the many wonderful, treasured items that make your house a home! In the aftermath of a crisis, could you accurately describe all of your possessions<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Did you know<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"760\">A 2012 survey from the NAIC more than half of Americans don&#8217;t have a home inventoryof their possessions, putting them at significant risk for inadequate home insurancecoverage, should severe weather strike. \u00a0 \u00a0 Survey results show 59% of consumers have not made a list or inventory of their possessions.Of those individuals with a home inventory,<\/p>\n<ul>\n<li>48% do not have receipts<\/li>\n<li>27% do not have photos of their property<\/li>\n<li>28% do not have a back-up copy of the inventory outside the home.<\/li>\n<li>59% of people with inventories have not updated their\u00a0inventories in more than a year.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Personal Property Inventory<\/p>\n<p>The majority of homeowners insurance policies deliver coverage for personal possessions for approximately 50% to 70% of the amount of insurance you have on the structure of your home.<\/p>\n<p>To your benefit as an owner along with your insurance agent to decide if there is enough coverage. It is recommended that you hire a Professional Inventory Specialist (PIS) you to conduct a home inventory.<\/p>\n<p>The Inventory is a series of specific steps, which include but are not limited to the following:<\/p>\n<ul>\n<li>Photos with multiple shots showing inscriptions, UPC Codes or identifications<\/li>\n<li>Detailed list of everything you own including and information<\/li>\n<li>Location\/Item\/Brand\/Quantity\/Dimension\/Material\/Color\/ Supplier\/Status\/Model #\/UPC\/Original Purchase\/Where\/When\/Replacement\/Receipts\/Cost to Warranty\/Identifying\/Description Name\/Code\/Cost\/Date Purchased\/Purchased Cost\/Replace\/Repair<\/li>\n<li>It is important to connect the relationship between the cost to replace these items if they were stolen or destroyed by a<\/li>\n<li>Hurricane, Tropical Storm, Fire, Water Event, Burglary.<\/li>\n<\/ul>\n<p>Life Changes or Catastrophic Event Occurs. \u00a0Whether it is Natural and\/or Man Made doesn\u2019t make a difference.<\/p>\n<p>If you believe and consider after giving deliberate thought that you need more coverage, contact your insurance agent and request a review of your policy and higher limits for your personal possessions coverage.<\/p>\n<p>As part of your review, in concert with your Insurance Carrier and in conjunction with your Professional Inventory Specialist (PIS) you\u2019ll need to decide whether you want Replacement Cost or Actual Cash Value.<\/p>\n<p>Usually the cost of replacement cost coverage runs about 10%-12% more than ACV.<\/p>\n<p>In communicating with \u201cYour Team\u201d (insurance carrier and PIS), there can be a coverage limit on expensive items and collections such as art, jewelry, collections, silverware, etc. As an example a $10,000. necklace would require an endorsement or a floater. These types of coverage involve additional premium and is also affected by where you live.<\/p>\n<p>Remember that Flood Insurance if you need it for personal property possessions is only available on ACV basis.<\/p>\n<ul>\n<li>\u201cNothing Ever Goes According To Plan Then Reevaluate, Revise, Improvise, Adapt, Innovate and Change\u201d<\/li>\n<\/ul>\n<p>Think! then Act!<\/p>\n<p>All information deemed reliable but not guaranteed.<\/p>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img decoding=\"async\" src=\"https:\/\/static.hupso.com\/share\/buttons\/share-medium.png\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Linkedin\",\"Email\",\"Print\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"medium\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"Your Personal Property Inventory Explained\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"excerpt":{"rendered":"<p>&#8220;If you think that having insurance is enough, THINK AGAIN! Insurance companies will only pay for losses on items that you can prove you own!&#8221; &nbsp; Having an up-to-date home inventory is a crucial component of Financial Changes, Disaster Preparedness and Life Changes. Whether it is Natural and\/or Man Made doesn\u2019t make a difference. Detail [&hellip;]<\/p>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img src=\"https:\/\/static.hupso.com\/share\/buttons\/share-medium.png\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Linkedin\",\"Email\",\"Print\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"medium\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"Your Personal Property Inventory Explained\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,1],"tags":[],"_links":{"self":[{"href":"https:\/\/homeawayresidentialservices.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/105"}],"collection":[{"href":"https:\/\/homeawayresidentialservices.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/homeawayresidentialservices.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/homeawayresidentialservices.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/homeawayresidentialservices.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=105"}],"version-history":[{"count":12,"href":"https:\/\/homeawayresidentialservices.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/105\/revisions"}],"predecessor-version":[{"id":326,"href":"https:\/\/homeawayresidentialservices.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/105\/revisions\/326"}],"wp:attachment":[{"href":"https:\/\/homeawayresidentialservices.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/homeawayresidentialservices.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/homeawayresidentialservices.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}