Tips to maximize your insurance claim

When filing an insurance claim, many people forget items...a LOT of items. Others spend numerous months – yes, months – trying to remember what they own(ed). And quite a few find months after the claim is settled that they didn’t claim and will never recover thousands of dollars with of personal property.

So what can you do maximize your claim and minimize the time it takes to file? The National Association of Insurance Commissioners (NAIC) suggests that you take an inventory of your belongings. This should include taking photographs or a video of each room. The documentation will provide your insurance company with proof of your belongings and help to process claims more quickly in the event of disaster. Remember to include items you rarely use (e.g., holiday decorations, sports equipment, tools, seasonal items, etc.).

To file claims more quickly, the NAIC suggests that you keep sales receipts and/or canceled checks. I also suggest that your photos and written report are compiled room-by-room, as adjusters and insurance companies state that is the preferred format when filing a claim.

Without an inventory, could you remember what you own? Insurance adjusters state that people with an inventory can file their initial claim within 36-48 hours of a disaster. Those without an inventory take from 4-12 months to complete the process. And because they have documentation listing their belongings, they are able to maximize their claims. You'll remember all your contents, and the photographs support ownership.

If you don’t have the time or choose not to do your inventory yourself, use the insight and experience of a professional. The cost is well worth the investment in peace of mind.