Call Us 800-223-6756 ☰ ˟
Logo
Call Us 800-223-6756
  • Home
  • Business
    • Property & CasualtyImage of right arrow
      • Management LiabilityImage of right arrow
        • Management Liability Quote
      • Builders Risk Quote
      • Commercial AutoImage of right arrow
        • Commercial Auto Quote
      • General LiabilityImage of right arrow
        • General Liability Quote
      • Workers CompensationImage of right arrow
        • Workers Compensation Quote
      • Marine (Ocean & Inland)Image of right arrow
        • Marine Quote (Ocean & Inland)
      • Bonds & SuretyImage of right arrow
        • Bond Request
    • Industry ExpertiseImage of right arrow
      • Family Entertainment CenterImage of right arrow
        • Family Entertainment Quote
      • Indoor Trampoline ParkImage of right arrow
        • Indoor Trampoline Quote
      • HospitalityImage of right arrow
        • Hospitality Quote
      • Real EstateImage of right arrow
        • Real Estate Quote
      • ConstructionImage of right arrow
        • Construction Quote
    • Risk ManagementImage of right arrow
      • Management LiabilityImage of right arrow
        • Management Liability Quote
      • Builders Risk Quote
      • Commercial AutoImage of right arrow
        • Commercial Auto Quote
      • General LiabilityImage of right arrow
        • General Liability Quote
      • Workers CompensationImage of right arrow
        • Workers Compensation Quote
      • Marine (Ocean & Inland)Image of right arrow
        • Marine Quote (Ocean & Inland)
      • Bonds & SuretyImage of right arrow
        • Bond Request
      • Family Fun CenterImage of right arrow
        • Family Fun Center Quote
      • Indoor Trampoline ParkImage of right arrow
        • Indoor Trampoline Park Quote
      • HospitalityImage of right arrow
        • Hospitality Quote
      • Real EstateImage of right arrow
        • Real Estate Quote
      • ConstructionImage of right arrow
        • Construction Quote
  • Personal
    • High Net WorthImage of right arrow
      • High Net Worth Quote
    • AutomobileImage of right arrow
      • Auto Quote
    • HomeownersImage of right arrow
      • Homeowners Quote
    • CondominiumImage of right arrow
      • Condo Quote
    • RentersImage of right arrow
      • Renters Quote
    • WatercraftImage of right arrow
      • Watercraft Quote
    • LifeImage of right arrow
      • Life Quote
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Insurance Glossary
    • Blog
  • About
    • About Us
    • Our Locations
    • Testimonials
    • Privacy Policy
  • Contact
Home > Blog > Insureds Rarely Have Home Inventories Despite Benefits
FRIDAY, SEPTEMBER 16, 2016

Insureds Rarely Have Home Inventories Despite Benefits

Despite big storms and wildfires highlighting the need, home inventories are rare, say insurance industry experts.

A recent Allstate Insurance survey of Atlanta homeowners found that while than more than 90 percent of homeowners are concerned about protecting their homes, only 41 percent had ever documented or valued their contents.

According to Jay Straughan, Enservio’s vice president of claims, almost none of the insureds he encounters have property inventory lists.

“It’s very, very rare. In fact, I’m not aware of a claim where a policyholder was able to say, ‘Here’s my pre-loss list, and I’ve checked off the items that were burned up in the fire or that were stolen.’ I’m not aware of a single time where that’s happened,” Straughan said.

In addition to making it harder to tackle a loss once it has taken place, not having a property inventory can cause a delay in claim resolution.

According to a survey by The Hanover Insurance Group, homeowners receive claim payments faster when they have a home inventory. An Insurance Journal magazine poll, sponsored by the Mass.-based insurer, found that nearly 80 percent of insurance professionals believe homeowners’ insurance claims are processed 50-100 percent faster when customers have completed a home inventory in advance.

“This survey says loud and clear that there’s a real value in taking the upfront time to create a home inventory,” said Mark Welzenbach, chief claims officer at The Hanover.

Survey respondents said there were two keys to a good home inventory: item descriptions and proof of ownership.

Even when an insured creates a property inventory, the value-driving descriptors are lacking, Straughan said.

“For example, they may say table, or they may say chair or they may say desk. For a high net worth insured, a desk could be $150 or it could be $150,000, depending on what kind of desk it is,” said Straughan. “Is it a museum quality antique, or is it a small school sized desk like a child might use in classroom or is it a roll top desk.

Read More: Source

Posted 4:07 PM

Tags: homeowners, insurance, tips, inventory
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2021
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011

  • insurance(98)
  • tips(37)
  • home(28)
  • life(24)
  • homeowner(19)
  • auto(17)
  • safety(13)
  • car(10)
  • claims(10)
  • homeowners(9)
  • business(8)
  • holiday(7)
  • wateridge insurance services(7)
  • policy(6)
  • liability(6)
  • house(6)
  • commercial(5)
  • family(5)
  • health(5)
  • cyber security(4)
  • earthquake insurance(4)
  • homeowners insurance(4)
  • rates(4)
  • flood insurance(4)
  • summer(3)
  • water damage(3)
  • claim(3)
  • long-term(3)
  • valentine(3)
  • halloween(3)
  • san diego(3)
  • theft(3)
  • money(3)
  • commercial insurance(3)
  • flood(3)
  • independent agent(3)
  • mistakes(3)
  • risk management(3)
  • disability(2)
  • real estate(2)
  • cyber risk(2)
  • millennials(2)
  • business owners policy(2)
  • auto insurance(2)
  • thanksgiving(2)
  • coverage(2)
  • pets(2)
  • wateridge(2)
  • save(2)
  • funny(2)

View Mobile Version
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Blog| About Us| Contact
10717 Sorrento Valley Rd. | San Diego, CA 92121
Toll Free: 800-223-6756 | Local: 858-452-2200
Social Social Social Social Social
Logo

Powered by Insurance Website Builder