Property/Casualty insurance fraud tops $30 billion a year

The Insurance Information Institute estimates that fraud accounts for 10 percent of the property/casualty insurance industry’s incurred losses and loss adjustment expenses, or about $30 billion a year. The III states on their website that common frauds include "padding," or inflating actual claims, misrepresenting facts on an insurance application and submitting claims for damage that never occurred.

So the question "Why do I need an inventory?" is answered by this $30 billion issue. As fraud continues to grow, my guess is that insurance companies and adjusters will become more demanding for proof of ownership and/or loss before settling an insurance claim.