Your home and its contents, often a lifetime of unique items and family heirlooms, is vulnerable to loss on any given day. But you can’t recover what you can’t recall. A home inventory ensures that in the case of the unexpected, you have immediate access to a full and detailed list of everything you own. And contrary to popular belief, insurance companies are not obligated to reimburse or replace any items that a customer cannot prove they owned. So, in a way, it’s insurance for your insurance.
FACT: On average, home contents are reimbursed only up to 50 percent of the home’s insured value. (source: naic.org)
A comprehensive home inventory is an involved and time-consuming challenge for the uninitiated. You can certainly do one yourself, but completing a thorough inventory successfully takes commitment, proper planning and conscious action. Unfortunately, many DIY home inventory apps fall well short of what a trained professional can cover—and uncover—on-site in order to get a true and complete understanding of your possessions. However, if a professional inventory by a TakeStock Specialist is not right for you, we nevertheless urge you to document your belongings the best you can.
FACT: While intentions are always good, statistics show about 70% of all DIY-related projects fail to meet their objectives.
A home inventory can help you “right-size” your insurance coverage by aligning it with what you actually own, and not just what the insurance company tells you you need. You may also discover you are actually “over-insured” or even “under insured,” and possibly find what may be critical gaps in coverage.
FACT: Nearly two out of every three American homes, or 59 percent, are underinsured as homeowners, on average, have only enough insurance to pay for 78 percent of costs to replace or rebuild their homes. – CBS News
According to a survey by The Hanover Insurance Group, homeowners receive claim payments faster when they have a home inventory. We have found in our experience that the length of time to settle a claim and the amount awarded are contingent upon the level of inventory preparedness. One in 15 insured homes has a claim each year. (source: http://factsoninsurance.com/how-to-make-a-home-insurance-claim/)
FACT: A recent poll by Insurance Journal magazine found that nearly 80% of insurance professionals believe homeowners’ insurance claims are processed 50-100% faster when customers have completed a home inventory in advance.
Death is an emotional, life changing event for any family. Having a detailed inventory with proper heir assignment can take immense pressure off remaining family members during the most difficult of times. Individual items within the inventory can be tagged according to how one prefers their property to be dispersed and/or assigned.
FACT: In addition to financial cost, advisers say cost to personal relationships must be considered. While feeling slighted by a late relative — and missing out on a potentially large inheritance — can be painful, the emotional strain of going to court can be just as tough. – AARP
With theft and natural disasters, usually homeowners/businesses must provide “proof of ownership” for each and every item they claim was destroyed or stolen. Last year alone, severe weather disasters across the country inflicted more than $43 billion in damages.
FACT: A recent Allstate Insurance survey found that while more than 90% of homeowners are concerned about protecting their homes, only 41% had ever documented or valued their contents. (source: naic.org)
A complete and thorough inventory does take time, and depends on the size of the home or business, the content density, the number of Specialists engaged, and the extent of the inventory desired. But in general, time on-site can range from 2 – 7 hours.
Yes, we will need the homeowner or business owner (or a representative) on the premises at all times.
Every TakeStock Specialist is insured and bonded and will not conduct the inventory without you or your representative present while they are on site. Just as you hire other trades, such as plumbers, electricians, pest control technicians, etc. references should always be checked. We encourage you to check ours, just ask!
FACT: We appreciate and respect the fact you are inviting us into your home, and will execute your service with the utmost of professionalism and confidentiality.
The task of identifying, documenting, categorizing and imaging your personal assets is a tedious, time-consuming process. And your time is too valuable to attempt it yourself.
TakeStock makes it as simple as a phone call, so call us today!