Home Inventories

[BHI]

I am wondering how many agents suggest to their clients the importance of a home inventory. I know I have never had an agent bring up the issue of a home inventory, and the last 27 years we have been with Allstate or State Farm.

I am currently starting up a home inventory business, where I go into client's homes and document, thru written documentation and digital photos, personal property/home contents. The homeowner then gets a detailed printed report and a report on cd. 2 copies. The last inventory I did the homeowner had over 700 photographs on one cd.

I am wondering if this is something that an agent would suggest to their clients to have done.

Yes, I know that the homeowner can do this themself, but most do not, hence why I have started this very important service.

 

[blue_wynd]

I am wondering how many agents suggest to their clients the importance of a home inventory. I know I have never had an agent bring up the issue of a home inventory, and the last 27 years we have been with Allstate or State Farm.

I am currently starting up a home inventory business, where I go into client's homes and document, thru written documentation and digital photos, personal property/home contents. The homeowner then gets a detailed printed report and a report on cd. 2 copies. The last inventory I did the homeowner had over 700 photographs on one cd.

I am wondering if this is something that an agent would suggest to their clients to have done.

Yes, I know that the homeowner can do this themself, but most do not, hence why I have started this very important service.

How much do you charge and how do you get people to let you into their house? I assume you have give your business cards to your local insurance agents? Do you do a review? What is your background?

 

[BHI]

My packages run $195 to $450, depending on size of home, time involved, amount of stuff, ect. I also will work with clients to give them the service they need or want if my packages do not meet their needs.

I have sent letters/business cards/flyers to local insurance companies, banks, financial planners, attorneys, introducing them to my service. I am in the beginning states of getting the word out that this service is even available in my area.

I can do reviews if client wants.

My background--Office administration and small business owner. I have been doing a lot of research and asking a lot of questions. I purchased a business kit to get me started.

During an inventory, the homeowner needs to be present so they can give me values, age, and other pertinent information. I then take the information back and compile a detailed report which can be used for proof of ownership should there be an insurance claim. This can also be used for estate planning and/or in divorce situations.

Again, I know homeowners can do this themselves, but they don't. Sometimes it is just easier to let someone else do things and pay for it, and know it gets done.

I am trying to find out all the information I can in how insurance companies handle claims, and what their expectations of a home inventory should be. Thank you.

 

[Accelerated]

While a home inventory is a good thing to have, and over the years I have run across insured's (in total loss situations) who simply presented me with a detailed list and a video of the contents, which did make the process smooth on the claims side of the loss, and probably saved the insured long and painful hours trying to recall all of their worldly goods, I don't think people will be receptive to the idea of some random person who "bought a business package" inventorying their home.

That said, I wish you the best of luck in starting your business. The answer to your questions about what the carriers want are as follows:

• Quantity
• Item Description
• Item Make
• Item Model
• RCV
• Age of Item

You could use XactContents to generate a to the penny valuation with depreciation applied if you wanted to.

Keep in mind that high value antiques and such, unless specifically scheduled in the policy are simply considered whatever they are. A roll top desk is a roll top desk, regardless of whether it came off the HMS Majestic 200 years ago and was a gift to POTUS. Same with the rugs or books or whatever else. A book is a book, and if it's not scheduled, it doesn't matter if it was a 1st edition signed by Hemmingway himself. To the adjuster, it's a hardback (unless there is tons of supporting documentation about the book, in which case I have seen exceptions made, but rarely).

 

[djs]

A challenge I give to my clients is to pick a simple room, like their living room and without looking, try to list everything in there. Then look to see how much they missed (a lot).

If they don't want to do a detailed inventory, walk through the house and take pictures of each room to serve as reminders of what there is in the room. Open drawers / cabinets, take picture, close, go to the next. This will make it MUCH easier if you need to come up with a list of items later.

Even your closets, which is where it really is hard to remember everything, take a few pictures showing what is hanging. Those suits you haven't worn in 5 years, the prom dress, whatever.

You don't need a picture of everything, just the general sense of what is there. Okay, pictures of everything is better, but not really needed.

For higher value things, if you can, get the make, model, s/n in the picture.

When done, put the pictures on either 3 cd's or online somewhere and 2 cd's. Keep one, give one to a close friend nearby (if your house burns, you need it outside of your house) and send one to someone out of state if possible, in the event of a big loss, like the recent tornadoes, earthquake, etc.

People don't do it because its to much work in their mind. To just walk through and take pictures though takes about 20 minutes or so and its all you really need unless you get to items you need a floater for or if the item has unique value.

Dan

 

[insurance1822]

For what it's worth...I've had a handful of clients with total losses & there was never a problem with contents adjustment (and they never had inventories at all.)

A total loss adjuster once said he tells the insureds (like the previous poster just said) "imagine everything that was in this particular room & start making a list." The bottom line is the insurance company is on the hook for the full contents coverage.

I had 1 guy with a total loss where he had a collection of elvis bobble-head stupid toys or whatever and he said it was worth $20,000 and the adjuster just wanted him to put it in writing in order to issue a check. Done...no questions asked.

Total losses don't typically gut an entire house as well and much of the contents is still (somewhat) identifiable.. except for the main rooms that started on fire. Except for F5 tornado's that is..

 

[Cofie]

I am wondering how many agents suggest to their clients the importance of a home inventory. I know I have never had an agent bring up the issue of a home inventory, and the last 27 years we have been with Allstate or State Farm.

I am currently starting up a home inventory business, where I go into client's homes and document, thru written documentation and digital photos, personal property/home contents. The homeowner then gets a detailed printed report and a report on cd. 2 copies. The last inventory I did the homeowner had over 700 photographs on one cd.

I am wondering if this is something that an agent would suggest to their clients to have done.

Yes, I know that the homeowner can do this themself, but most do not, hence why I have started this very important service.

Interesting idea, in medium to high theft neighborhoods this could bring some good income. Have you thought about a networking group.

 

[Sales71]

For what it's worth...I've had a handful of clients with total losses & there was never a problem with contents adjustment (and they never had inventories at all.)

A total loss adjuster once said he tells the insureds (like the previous poster just said) "imagine everything that was in this particular room & start making a list." The bottom line is the insurance company is on the hook for the full contents coverage.

I had 1 guy with a total loss where he had a collection of elvis bobble-head stupid toys or whatever and he said it was worth $20,000 and the adjuster just wanted him to put it in writing in order to issue a check. Done...no questions asked.

Total losses don't typically gut an entire house as well and much of the contents is still (somewhat) identifiable.. except for the main rooms that started on fire. Except for F5 tornado's that is..

If you could share what insurance company was the claim paid under? That the adjuster had him sign the form for value of $20,000.

 

[b61mack]

I think it is a very good idea. It may take you a little while to getting it going., Now you must get yourself some insurance for that business. You want to say fully insured. Hit lawyers, banks, insurance agents,

 

[BHI]

Thank you for the feedback. Much appreciated.
And yes, my business is insured.