Property insurance inventory list...any idea what it could be? Would it really help me to keep a proper track of my properties?
Total Comments: 7
Posted: Sat Nov 22, 2008 08:40 am Post Subject:
Yes, property insurance has to be a part of your family irrespective of whether you're running a household or starting a family!
All your belongings have to be properly covered. In the event of burglary or fire, it would be helpful to have a detailed and complete inventory of your property. It should be supported with a complete property insurance inventory list. Purpleheaded08
Posted: Sat Nov 22, 2008 08:47 am Post Subject:
Well yes, it helps in deriving a fair replacement value of your property from your insurance carrier. But that's not all that a property insurance inventory list would do. It would actually help you to remember all that you possess, which would otherwise be so difficult for you to remember. So, I'd rather suggest you to go for it! Crossbreed
Posted: Sat Nov 22, 2008 09:40 am Post Subject:
My dear, it would just take a few minutes for you to note down your personal belongings. Again it would be better for you to place each item under separate categories. Now, it is natural for you to set an estimation of replacement cost of all your enlisted items. Now, over here it would be equally important to keep a tag of things that would depreciate and separately list those that would appreciate in value.
Plasticmind
Posted: Sat Nov 22, 2008 10:32 am Post Subject:
Hi,
Now, over here it would be equally important to keep a tag of things that would depreciate and separately list those that would appreciate in value.
Insurance companies would generally calculate this depreciation of personal property by deducting the worth of depreciation from its market cost. I too believe that's the right way of going at it!
RedOxen
Posted: Sat Nov 22, 2008 10:45 am Post Subject:
Property insurance is also an important component of business insurance. It covers- money and securities, inventories, account receivables, fixed and liquid assets, supplies and even intangible asset like the trademark against losses from theft, fire, other man made and natural damages and also against libel and slander. Hence, to know the amount of insurance that would be sufficient to cover the business you may need to list out inventories properly.
Posted: Sat Nov 22, 2008 11:34 am Post Subject:
Hi, I have come across a few good tips to share with you all regarding a personal property inventory list. You'd need to be careful about the following-
* Retain the sales receipts alongside your personal property inventory list
* Maintain a video inventory of your property alongside photos.
* Mark your own series # upon the valuable items
* Try to preserve your property inventory list along with the other associated documents (if possible keep it at any distant place e.g. bank locker). Hope, you got a hint now! Bridgestone~moss
Posted: Sat Nov 22, 2008 09:35 pm Post Subject:
A property inventory list is exactly what it sounds like: a list of all your property. Some of the other posters have given you good advice, but I also want to correct some information in this thread as well.
The primary reason, of course, that you would want a good inventory is for any losses that may occur, primarily burglary. Here's what you will need in the event of that loss:
1) Complete item descriptions: makes, models and serial numbers (if applicable) of all item that would need this information in the event of loss, like electronics, computers, etc.
2) Dates of purchase, including any receipts that you may keep that indicate the date of purchase. I wouldn't worry about keeping receipts on everyday things, like socks, underwear, groceries, cleaning supplies, stuff like that.
3) Furniture inventory: manufacturer, model, date of purchase and cost.
4) High-end clothing information
5) Certain categories of personal property can be a real problem in the event of loss. Items such as jewelry, money, guns, tools, furs, sterling silver and goldware, sometimes computer gear, and other personal property items have limits on what you may be able to recover. Find your policy and look for the coverage section that deals with "Coverage C: Unscheduled Personal Property" and within that section, find the area called "Special Limits on Certain Types of Property" or something similar. You'll find that these items contain maximums as to coverage if you have a loss. For instance, money is commonly limited to around $200, jewelry is limited to roughly $2,000, etc. You should speak with your agent in the event you have property in excess of those values.
You're looking for ways to be able to document your belongings in the event of loss. Receipts are best, but photographs and video captures help tremendously. Keep warranty cards, instruction books and anything else that can prove that you owned something.
Property insurance is also an important component of business insurance. It covers- money and securities, inventories, account receivables, fixed and liquid assets, supplies and even intangible asset like the trademark against losses from theft, fire, other man made and natural damages and also against libel and slander.
Libel and slander are not property coverage areas. They're covered under the liability section of a CPP. In addition, while commercial insurance property packages CAN cover many of the exposures quoted above, the basic package will not cover most crime exposures without the proper endorsements, and coverage for intangibles, like "trademark infringement" are liability as well. You can't collect damages from your own insurer if someone else infringes upon your trademark, patents, etc. You would have to go after the party that infringed upon your rights in civil actions, and hope that they have insurance (or assets) that you could go after.
Posted: Sat Nov 22, 2008 08:40 am Post Subject:
Yes, property insurance has to be a part of your family irrespective of whether you're running a household or starting a family!
All your belongings have to be properly covered. In the event of burglary or fire, it would be helpful to have a detailed and complete inventory of your property. It should be supported with a complete property insurance inventory list. Purpleheaded08
Posted: Sat Nov 22, 2008 08:47 am Post Subject:
Well yes, it helps in deriving a fair replacement value of your property from your insurance carrier. But that's not all that a property insurance inventory list would do. It would actually help you to remember all that you possess, which would otherwise be so difficult for you to remember. So, I'd rather suggest you to go for it! Crossbreed
Posted: Sat Nov 22, 2008 09:40 am Post Subject:
My dear, it would just take a few minutes for you to note down your personal belongings. Again it would be better for you to place each item under separate categories. Now, it is natural for you to set an estimation of replacement cost of all your enlisted items. Now, over here it would be equally important to keep a tag of things that would depreciate and separately list those that would appreciate in value.
Plasticmind
Posted: Sat Nov 22, 2008 10:32 am Post Subject:
Hi,
Now, over here it would be equally important to keep a tag of things that would depreciate and separately list those that would appreciate in value.
Insurance companies would generally calculate this depreciation of personal property by deducting the worth of depreciation from its market cost. I too believe that's the right way of going at it!
RedOxen
Posted: Sat Nov 22, 2008 10:45 am Post Subject:
Property insurance is also an important component of business insurance. It covers- money and securities, inventories, account receivables, fixed and liquid assets, supplies and even intangible asset like the trademark against losses from theft, fire, other man made and natural damages and also against libel and slander. Hence, to know the amount of insurance that would be sufficient to cover the business you may need to list out inventories properly.
Posted: Sat Nov 22, 2008 11:34 am Post Subject:
Hi, I have come across a few good tips to share with you all regarding a personal property inventory list. You'd need to be careful about the following-
* Retain the sales receipts alongside your personal property inventory list
* Maintain a video inventory of your property alongside photos.
* Mark your own series # upon the valuable items
* Try to preserve your property inventory list along with the other associated documents (if possible keep it at any distant place e.g. bank locker). Hope, you got a hint now! Bridgestone~moss
Posted: Sat Nov 22, 2008 09:35 pm Post Subject:
A property inventory list is exactly what it sounds like: a list of all your property. Some of the other posters have given you good advice, but I also want to correct some information in this thread as well.
The primary reason, of course, that you would want a good inventory is for any losses that may occur, primarily burglary. Here's what you will need in the event of that loss:
1) Complete item descriptions: makes, models and serial numbers (if applicable) of all item that would need this information in the event of loss, like electronics, computers, etc.
2) Dates of purchase, including any receipts that you may keep that indicate the date of purchase. I wouldn't worry about keeping receipts on everyday things, like socks, underwear, groceries, cleaning supplies, stuff like that.
3) Furniture inventory: manufacturer, model, date of purchase and cost.
4) High-end clothing information
5) Certain categories of personal property can be a real problem in the event of loss. Items such as jewelry, money, guns, tools, furs, sterling silver and goldware, sometimes computer gear, and other personal property items have limits on what you may be able to recover. Find your policy and look for the coverage section that deals with "Coverage C: Unscheduled Personal Property" and within that section, find the area called "Special Limits on Certain Types of Property" or something similar. You'll find that these items contain maximums as to coverage if you have a loss. For instance, money is commonly limited to around $200, jewelry is limited to roughly $2,000, etc. You should speak with your agent in the event you have property in excess of those values.
You're looking for ways to be able to document your belongings in the event of loss. Receipts are best, but photographs and video captures help tremendously. Keep warranty cards, instruction books and anything else that can prove that you owned something.
Property insurance is also an important component of business insurance. It covers- money and securities, inventories, account receivables, fixed and liquid assets, supplies and even intangible asset like the trademark against losses from theft, fire, other man made and natural damages and also against libel and slander.
Libel and slander are not property coverage areas. They're covered under the liability section of a CPP. In addition, while commercial insurance property packages CAN cover many of the exposures quoted above, the basic package will not cover most crime exposures without the proper endorsements, and coverage for intangibles, like "trademark infringement" are liability as well. You can't collect damages from your own insurer if someone else infringes upon your trademark, patents, etc. You would have to go after the party that infringed upon your rights in civil actions, and hope that they have insurance (or assets) that you could go after.
InsTeacher 8)
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