The personal property inventory industry is rapidly growing compared to the slow progress of years past. I believe the push started with Katrina and Rita. Sure, we've had disasters in the past, but these two storms brought so much devastation to so many that people took notice. They realized that a serious disaster can happen to anyone, anywhere. And since then we've seen major earthquakes, tsunamis, wide-spread wild fires, tornadoes and more hurricanes.
You are realizing the importance of having a thorough list of everything you own. Still, the majority of Americans don't have a business or home inventory. There are five main reasons for this, and these reasons are exactly why the home inventory industry is growing very quickly.
1. Time. You are busy and just can't find the time, no matter how certain you are that it's necessary to have an inventory of your belongings. In addition to working an enormous number of hours, you have a family that needs you and you want to spend time with them. You have commitments to church and civic organizations. And, of course, you must take time to relax and socialize. All of this adds up to very little or no time left for items on your to-do list. One of those items, year after year, is your home inventory.
2. Relevance. Insurance companies suggest that your inventory be no more than two years old. You've spent hours - probably days or weeks - completing your inventory. And now we tell you that you must keep it current! Many inventory service providers offer annual updates at a fee much less than the cost of the original process. They will send you an annual reminder to add your new items and remove your discarded ones.
3. Integrity. Fraud has become a major issue. Padded claims, false claims, over-stated values, etc., are happening on a regular basis. When you hire an inventory company to compile your information, they are a third-party vendor who will bring a "disinterested" party into the process. By "disinterested", I mean there is no value in making fraudulent statements, so the adjuster will trust the information more if a disaster occurs. Be sure the company you hire is bonded and insured. Visit their website to determine their professionalism. Read the testimonials and ask for referrals.
4. Expertise. Once you find the right inventory company, you'll benefit from their expertise. Often home owners and business owners don't have an inventory because they just don't know how to create one properly and accurately. Though most inventory service providers are not insurance professionals, they will at least be able to guide you on whether you should consult with your insurance agent for clarification of your policy or for additional coverage. They will create a thorough inventory and will be able to do it professionally and efficiently. Ask if any of their customers have experienced a disaster and some examples of how their finished report helped the disaster victim file and settle their claim.
5. ROI. You will receive an investment in time and money. We already discussed the time factor. While you're spending time with the family or giving back to the community, your inventory company can be compiling your inventory. If you're a business owner, you can be spending your time doing what you do best tending to your company while you hire someone who does what they do best. The financial ROI can be huge, to the tens of thousands of dollars. Consider that without an inventory, you will forget many items. You'll also underestimate how many items of clothing, pairs of shoes, DVDs, CDs, linens, etc., you owned. One of our fire victim customers stated that we included $5000 worth of items that he would not have listed. And that was just on the first page!
The benefits of hiring a third party inventory service provider obviously far outweigh the cost of the service. Contact your local personal property inventory service before the next fire, burglary or natural disaster decides it's your turn. Worst case scenario is that you'll never need to file a claim. The comfort level alone will give you a huge return on your investment.
A disaster is only one of the many reasons you need to have a thorough list of your personal and business assets. Inventory service providers will compile this document for whatever reason, and it will be there for you to meet all of those situations.
You are realizing the importance of having a thorough list of everything you own. Still, the majority of Americans don't have a business or home inventory. There are five main reasons for this, and these reasons are exactly why the home inventory industry is growing very quickly.
1. Time. You are busy and just can't find the time, no matter how certain you are that it's necessary to have an inventory of your belongings. In addition to working an enormous number of hours, you have a family that needs you and you want to spend time with them. You have commitments to church and civic organizations. And, of course, you must take time to relax and socialize. All of this adds up to very little or no time left for items on your to-do list. One of those items, year after year, is your home inventory.
2. Relevance. Insurance companies suggest that your inventory be no more than two years old. You've spent hours - probably days or weeks - completing your inventory. And now we tell you that you must keep it current! Many inventory service providers offer annual updates at a fee much less than the cost of the original process. They will send you an annual reminder to add your new items and remove your discarded ones.
3. Integrity. Fraud has become a major issue. Padded claims, false claims, over-stated values, etc., are happening on a regular basis. When you hire an inventory company to compile your information, they are a third-party vendor who will bring a "disinterested" party into the process. By "disinterested", I mean there is no value in making fraudulent statements, so the adjuster will trust the information more if a disaster occurs. Be sure the company you hire is bonded and insured. Visit their website to determine their professionalism. Read the testimonials and ask for referrals.
4. Expertise. Once you find the right inventory company, you'll benefit from their expertise. Often home owners and business owners don't have an inventory because they just don't know how to create one properly and accurately. Though most inventory service providers are not insurance professionals, they will at least be able to guide you on whether you should consult with your insurance agent for clarification of your policy or for additional coverage. They will create a thorough inventory and will be able to do it professionally and efficiently. Ask if any of their customers have experienced a disaster and some examples of how their finished report helped the disaster victim file and settle their claim.
5. ROI. You will receive an investment in time and money. We already discussed the time factor. While you're spending time with the family or giving back to the community, your inventory company can be compiling your inventory. If you're a business owner, you can be spending your time doing what you do best tending to your company while you hire someone who does what they do best. The financial ROI can be huge, to the tens of thousands of dollars. Consider that without an inventory, you will forget many items. You'll also underestimate how many items of clothing, pairs of shoes, DVDs, CDs, linens, etc., you owned. One of our fire victim customers stated that we included $5000 worth of items that he would not have listed. And that was just on the first page!
The benefits of hiring a third party inventory service provider obviously far outweigh the cost of the service. Contact your local personal property inventory service before the next fire, burglary or natural disaster decides it's your turn. Worst case scenario is that you'll never need to file a claim. The comfort level alone will give you a huge return on your investment.
A disaster is only one of the many reasons you need to have a thorough list of your personal and business assets. Inventory service providers will compile this document for whatever reason, and it will be there for you to meet all of those situations.
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