Have You Maximised Your Preparation In Case Of Loss To Minimise Your Recovery Time?
You Need To! As You Would Do This After A Loss In Readiness For The Next!
An increasing number of home, property owners and small business owners, are realising that property documentation in readiness for loss, results in:
- Increased theft recovery.
- Proving ownership is easier.
- A reduced risk of under-insurance.
A proactive Home Inventory Service on the mid North coast of New South Wales, has been working with the community, to increase the awareness of why it is necessary to be prepared for loss. Their service reduces recovery time after loss, and helps to expedite the recovery of stolen goods.
Their recent survey of the community, into the awareness of under-insurance and home inventory services, was conducted face to face, is ongoing and on-line.
"Whilst we know it is the property owner's responsibility, to keep the insurer updated, the system needs improving", reported Andrew Goodfellow, Inventory Consultant for Aussie Home Inventories.
In their survey, it was discovered most people do not call their insurance supplier, and sadly 88% reported, that the insurance supplier had not forwarded any inventory list, or even asked for information on updated contents. At the end of the day, 41% of respondents had nothing at all, to prove contents ownership.
71% reported a need for better contents cover explanation, often only an increased renewal figure was received. This lack of contents cover knowledge, increases the chance of contents under-insurance.
"A simple solution is to have all property and contents recorded, documented for loss, and to calculate the correct contents cover at that time" says Andrew Goodfellow. "Accurate records, assists property owners and insurance suppliers."
45% reported they had no information on taking inventory from the insurance supplier. Until there is a incentive to take inventory, it is constantly put on the back burner. 65% of respondents had never taken inventory, with 84% reporting it as, to difficult or time consuming. 75% asked for more information, on taking inventory and on home inventory services.
When asked about under-insurance, 71% had never been under-insured, or they were unaware that they could be. Of the 29% whom were under-insured, 100% found out at the time of making a claim. 92% of respondents reported no information from the insurance suppliers on under-insurance.
So what would produce a better outcome?
Their recent survey of the community, into the awareness of under-insurance and home inventory services, was conducted face to face, is ongoing and on-line.
"Whilst we know it is the property owner's responsibility, to keep the insurer updated, the system needs improving", reported Andrew Goodfellow, Inventory Consultant for Aussie Home Inventories.
In their survey, it was discovered most people do not call their insurance supplier, and sadly 88% reported, that the insurance supplier had not forwarded any inventory list, or even asked for information on updated contents. At the end of the day, 41% of respondents had nothing at all, to prove contents ownership.
71% reported a need for better contents cover explanation, often only an increased renewal figure was received. This lack of contents cover knowledge, increases the chance of contents under-insurance.
"A simple solution is to have all property and contents recorded, documented for loss, and to calculate the correct contents cover at that time" says Andrew Goodfellow. "Accurate records, assists property owners and insurance suppliers."
45% reported they had no information on taking inventory from the insurance supplier. Until there is a incentive to take inventory, it is constantly put on the back burner. 65% of respondents had never taken inventory, with 84% reporting it as, to difficult or time consuming. 75% asked for more information, on taking inventory and on home inventory services.
When asked about under-insurance, 71% had never been under-insured, or they were unaware that they could be. Of the 29% whom were under-insured, 100% found out at the time of making a claim. 92% of respondents reported no information from the insurance suppliers on under-insurance.
So what would produce a better outcome?
- Increased information on property and contents under-insurance.
- Incentives from the insurance industry, for inventories taken.
- An increase in the awareness of Home Inventory Services.
Home Inventory Services are there to help and prepare the community for loss, helping property and business owners, the authorities, disaster preparation services and the insurance industry.
Aussie Home Inventories realises that awareness and preparation are the the key to a quick recovery. They want you to realise this also, and take action in preparing your family & home for loss.
Aussie Home Inventories suggests these articles for further reading:
Preparing Your Home For Loss - Recording Your Property.
How A Home Inventory Service Save You Time & Money.
Home Inventory Service Brochure.
Aussie Home Inventories - Home Inventory Service - Australia.
