Ok, wait a minute. I have heard that ya'll don't care if they are adequatly cover. Well, to me that is a big part of the family's security. Even if you don't add amounts atleast they can take the report to the insurance company and say " OK, do I have enought coverage on my belongings". Say they only have $50,000.00 on their belongings, but it will take $100,000.00 to replace them after everything is said and done. Is it not something that the customer would want to know before something happens? I am not a Insurance Agent but I am pushing for the client to take their inventory in to their agent so they can make sure they have enought coverage. To me that is part of protecting the client and their family.
Thanks
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Shonda Thomas Middle Tennessee Inventory Specialists
The insurance person is telling you this, right? Well, actually prices are fine, as long as you can figure in depreciation. Thats how its really down after disaster.
Actually, the public adjuster usually has his/her inventory specialist write in the prices of the items. I think its a good idea to put down prices, as long as you can substantiate prices with invoices, receiptes, websites etc. It also lets the client see how much their assets are worth to dertermine if they have the apporipiate coverage.
In addition, I strongly contend that a client is more likely to part with their money if they don't have to do anything, or virtually nothing. Their time is more valuable to them than anything else.
After attending the BigE and talking to a lot of insurance agents, I've decided not to include values in the inventory.
The value of the client's property when they bought it, or the value of their items when the inventory was taken has no bearing on what the insurance company will pay if they are covered by Replacement Cost Insurance. And it's very likely that the customer does have RC insurance.
Determining whether or not someone has adequate coverage is better addressed by a Public Adjuster who can be hired by the client before a loss. Their estimates will be much more accurate than a client guessing at values on items they may have purchased 2, 5, 10, or more years in the past.
A public adjuster (who is hired and works for the insured NOT the insurer) is the one who is going to determine value at the time of loss. An insurance company is less likely to challenge the public adjuster's determination (Referee/Appraiser process) because of the accompanying documentation. Pictures and other documentation will facilitate a faster and more valuable settlement.
Although some of you might be interested in helping clients determine whether they are adequately covered by their insurance, I am going to focus on providing a credible, professional record of peoples' property that will help them in the event of a loss.
I'm in this business because I want to help people. I DO care if they have proper coverage. If they don't have enough coverage then the inventory isn't going to work for them 100%. Also, If I'm asking the client for all the other details about an item does it really take that much more time to ask "how much" and write the number? Not for me. I don't insist they put a value on anything. If they know, I record it. If not, I don't. And if you could work without the client how would you get all the other details about the items? Later, over the phone? If so than you would still be taking up the clients time. Have a great day!
I have read with interest the discussions here and on the other listing of Assinging Values. I have tried to be concerned about the customers' wishes. If I am asked about the values I do explain that I am not an appraiser and cannot give a fair estimate of value.
If the customer persists, I will then indicate that the assigned value is a "self-estimate" by the customer. In the "Notes" space below the items I then recommend an appraisal for confirmation of present value. I also include this recommendation in the Scope and Recommendations statements in the introduction to the project.
Many items will continue to depreciate in value over time. But for the customer's satisfaction, the assigned value is used to assure adequate insurance coverage. As Kelly indicated, the concern is to make sure the customer is protected in case of any kind of disastrous event. I agree that the most important thing is to assure a detailed record of the contents of the home.
George
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George A. Childs Owner
Quality Home Inventory Service, Inc. 24 Stockton Dr. New Castle, De. 19702
I'm surprised by your comment that it doesn't take extra time. In my opinion it costs the client a lot of time. If I don't include values, I can work without the client. The less work it is for them, the easier it is for me to sell the service. As far as knowing if they have enough insurance, that's not my primary concern. I'm focusing exclusively on inventory for loss protection and estate planning.
True, but the software gives a total amount at the end of the report which is helpful in determining if the homeowner has sufficient coverage. Plus it doesn't really take any extra time to add the value.
I just had a talk with an insurance agent with over 40 years experience. He wondered why I even bother including values for items I inventory - values that the client assigns.
He said that values are assigned after a loss by a public adjuster, who works on behalf of the client. And if they have replacement cost insurance, as most homeowners do, the amount they paid for the items is irrelevant since they receive the amount they need to replace the items. The most important thing, he said, is the detailed documentation.
