C & D Disaster Readiness: FAQ

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Frequently Asked Questions

Question: If I have a loss won’t the insurance adjuster just write me a check? For the amount of the policy?

Answer: NO---You will be asked to provide a written inventory of all that was lost, taken, etc. along with the amount paid for the item as well as the current value. That information will determine how much you will be paid. The recorded inventory helps to put that list together.

Question: Isn’t everything automatically covered under my Homeowner’s, Renter’s, or business policy?

Answer: NO—Many policies have internal limits in them usually for a minimal amount. Unless you have valuable items scheduled (an additional rider) on the policy they may not be covered or covered for their full value. You should check with your insurance agent re: coverage’s on your policy. Another reason to have the recorded inventory.

Question: Will the insurance company cancel my policy if I have a claim?

Answer: That varies from company to company. Some will if you have a large enough (by their standards) claim. Some will if you have a few (few by their definition) in a short period of time (again by their definition of period of time). They don’t care how long you have been with them or the fact that you have never filed a claim. It is all a bottom line business. So with so much uncertainty doesn’t it make sense to get all that is coming to you if you have a claim or claims? Why not do the recorded inventory now?

Question: Are all Insurance companies alike? Are all insurance adjusters alike? Are all Homeowner’s, Renter’s and business policies alike?

Answer: NO—like everything else in the world there are good, bad and in-between. There is an old saying “Your insurance is as good as your insurance agent”. Always ask questions. Make sure you know your agent and about your agent as well as the company or companies they represent. Make sure your agent explains the ENTIRE policy to you. What is covered and what is not. You plan for the worst and hope for the best. The recorded inventory lets you be prepared either way.

Question: Can I keep the video/DVD in my safe at home, business or church?

Answer: NO—Fire marshals tell us that while the fire/water won’t get to the items in the safe the smoke will penetrate the seal and destroy audio/video media. Wind such as a tornado will blow it away. Thieves will cart it away. The best place to keep the video/DVD is in a safe deposit box at the bank.

Question: Can I keep the video/DVD in my gun safe at home?

Answer: NO—for the same reasons as the last question. We recently had a client who had the video, his wife’s good jewelry and some other valuable items in his gun safe thinking it was safe keeping. They went on vacation for 10 days. When they arrived home someone had broken into their home and stole the gun safe along with many other items. The best place to keep the video/DVD is in a safe deposit box at the bank.

Question: Why should I have a recorded inventory done?

Answer: Besides all the answers previously given—to help you get all that is coming to you at claim time. In event of a disaster your mind becomes a mess. You have so much to get done and the adjuster wants you to settle in 30 days or less in most cases. Everyone wants everything right now and you are trying to do everything right now. It gets to be a very stressful time. Let us help ease your mind with that burden by doing the recorded inventory.

Question: Why should I have you do it? I have a video/DVD camera—can’t I do it?

Answer: Yes you can do it. Most people won’t because it gets put on the TO DO list and never gets done. But let’s say you do do it--Do you know the proper way to record china so that you have all the info the adjuster is looking for? Or artwork, guns, literary objects, such as books and documents? I have 32 ½ years in Estate and Financial planning. I have worked with many insurance companies, agents and adjusters in putting this information together for clients. I have been a certified appraiser for 9 years. I have been educated in what to look for and what information the adjuster and insurance companies want. Personally I have also been through 2 home robberies, 1 house fire and 4 auto accidents with one totaling my car. Because of the recorded inventory it made it much easier to work with the adjusters and I received $6000 more than I normally would have in the auto accident because of the recorded inventory.

Question: Who should have this done?

Answer: EVERYONE who has insurance on their home, business or church!!

Question: If I think of items later can’t I file a claim for them?

Answer: MAYBE—it varies from company to company. Most of the time NO you can’t. Once you have signed the settlement and accepted the settlement check the claim is finalized. However, some companies will let you add items as you think of them (after settling) with in a certain time period (this also varies from company to company) usually 2 years maximum. A GREAT REASON TO HAVE THE RECORDED INVENTORY DONE—so you don’t have to worry about the time frame. You will get it all the first time.