![]() ![]() Moreover, most policies impose sub-limits that apply to particular kinds and classes of property, such as cash, silverware, valuable collections, and certain business property. Homeowners generally must prove what personal property was present when the home was destroyed, the property’s age and condition, the availability of “like kind and quality” replacement personal property, and the property’s depreciated value and actual replacement cost. Common Coverage and Proof ProblemsĮstablishing personal property loss following the loss of a home is no easy task. ![]() It also suggests steps to take to maximize coverage when buying homeowners insurance, including establishing the pre-loss existence, condition, and value of the property, and securing more expansive insurance protection. It discusses problems inherent in establishing a covered personal property loss and provides practical tips for addressing them. This article examines the typical insurance coverage applicable to the destruction of a homeowner’s personal property due to fire, flood, or some other catastrophic event. 5 But generally, to receive payment above that statutory minimum, homeowners must establish additional personal property loss per their policy’s terms. 4 With a little arm-twisting, the Colorado Division of Insurance persuaded many insurers to pay a much higher percentage to homeowners affected by the Marshall Fire. 3 In Colorado, when a home’s contents are completely destroyed by fire, homeowner insurers are required to pay 30% of the personal property limits without any proof of the nature, condition, or value of the lost property. Most home insurance policies include automatic coverage for personal property (contents) loss with payment limits equal to some percentage of the overall dwelling limits. Capable of exceeding 5,000 degrees, 2 home fires often destroy personal property or render it unrecognizable. 1 Among the many profoundly sad scenes following that conflagration was that of people picking through their homes’ ash and rubble to create an inventory of their burned personal property. On December 30, 2021, the Marshall Fire, fueled by steady 100 mile-per-hour straight-line winds, scorched Louisville, Superior, and unincorporated Boulder County, killed two people, and destroyed nearly 1,000 homes. A good home inventory includes a detailed list of your possessions including receipts, descriptions, and photos of your home’s contents.This article discusses common problems homeowners face when filing claims to access their insurance coverage for personal property loss following the catastrophic loss of a home by fire, flood, or otherwise. This checklist will help you compile your home inventory. The inventory will take time to compile, but the time and frustration it may save you later will more than make up for it. The threat of loss of property from fire, theft, or other causes is always present.An accurate inventory and proof of ownership at the time of a loss can make claim settlement easier and faster. Checklist Contents Items Grouped According to Room Page # Items Grouped According to Category Page # Living Room 2 Appliances 15 Dining Room 3 Clothing 16 Family Room/Den/Office 4 Collectors’ Items 17 Kitchen/Laundry Room 5 Electronics 18 Bathrooms 6 Hobbies 19 Halls 7 Jewelry and Furs 20 Master Bedroom 8 Miscellaneous 21 Bedroom #2 9 Precious Metals 22 Bedroom #3 10 Sports Equipment 23 Bedroom #4 11 Other 24 Attic 12 Total Sheet 25 Basement 13 Garage 14 Home Inventory Checklist ![]() ![]() A good home inventory includes a detailed list of your possessions including receipts, descriptions, and photos of your home’s contents. An accurate inventory and proof of ownership at the time of a loss can make claim settlement easier and faster. Home Inventory Checklist The threat of loss of property from fire, theft, or other causes is always present. ![]()
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