One of the most important lessons in filing insurance claims for business reimbursement is that you must present proof of loss. The same applies to personal claims.
Here are essential points to know about what proof of loss is and how you must present it.
Whenever you submit proof of loss for an insurance claim, you may be asked by your insurer to provide documentation that verifies your ownership of the items in question. Proof of loss examples include receipts, bills, contracts, certificates, and licenses. The more visual your proof of loss is, the stronger your arguments will be, especially if you have video of someone breaking into your home or damaging your property.
Insuring certain items like old jewelry can be complex due to constant market fluctuations and other factors. The best way to ensure compensation for your lost, stolen, or damaged items is to have each item evaluated and covered before a disaster in a customized insurance plan.
Taking inventory of your valuable belongings will help you organize and remember your items. It's easy to forget about equipment or tools that stay in a closet or locked away somewhere. By making this inventory list, you will be able to determine what's worth insuring and what isn't to maximize coverage efficiency.
The most successful insurance claims are backed by indisputable evidence, which includes submitting an inventory list to your insurer for appraisal. Your list can be created with a computing device or a traditional notebook. Instead of constructing the list from memory, take a tour of your work facility or home and write down possessions in categories.
Make the list as current and comprehensive as possible and even include deeper details such as brand and model names. Businesses typically log purchase dates, prices, and various other information related to financial transactions. Homeowners and renters may not be as thorough, but it's still helpful to document relevant details about belongings. Clothing items can be counted by types, such as 25 shirts, 10 pairs of pants, and 3 jackets.
The most practical approach to creating a list is on a spreadsheet or in a database so that you can easily organize and store deeper information. From there, it's easy to update with new purchases. Creating a digital record of products that you purchase is much easier to manage and can give you in-depth information such as a serial number in seconds. Once you've completed this list of your possessions, send it to your insurer, and then keep it in a safe well-guarded place.
Another way to strengthen your claim is to take photos or videos of your possessions as you narrate the production. Photography has traditionally been strong evidence, especially when it provides a clear, authentic visual. Using a software editing program can help make your images look sharper and brighter.
Making a short recording of your possessions will help confirm the condition of each item on the video production date. You can also take that opportunity to describe each item and its personal value to you. The video can be any length, but the more straight-to-the-point and high resolution, the better.
Videos have become very powerful for showcasing items and inventory, including complex machines. It can help establish unique value to a business or resident. Be as descriptive as possible, but still try to focus on the most essential aspects of your treasured possessions.
It's a good idea to know what counts as proof of loss if you need to file a business or personal insurance claim. For all of your personal and commercial insurance needs, contact the team at Jack Stone Insurance Agency. Serving Antioch and neighboring cities in California, we are ready to find the right coverage for you today.
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