How To Prepare For A Future Insurance Appraisal

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Nobody wants something bad to happen to their home or other property, but bad things happen. That's why insurance is so important. It protects us against the liabilities of life. However, it's not always a perfect process to prove a claim that you may have. This is why insurance appraisals are so important. Appraisers help the insurance company and the insured get the correct value for a claim against a loss. If you own a home and a lot of nice personal property that's insured, there are a few things you can do to prepare for a future insurance appraisal.

Have Your Home Appraised 

An insurance appraiser will appraise a home that's been damaged or lost to fire or other damage. Knowing the exact condition of them home can be difficult after it's been damaged and a claim is needed. It's a good idea to get a home appraisal every year or two to prove what the value is as recently as possible. An appraisal provides a professional analysis of a home's value at a particular point in time, and it can be evidence of a home's worth prior to when unexpected damage occurred. 

Document Upgrades and Personal Property

Among the most important things you can do with anything you have insured is to document your things and any upgrades you make to a property. If you have remodeled a room in your home or installed new HVAC equipment, take pictures and keep receipts of any upgrades you make. All of your valuables that you have insured as part of your home insurance policy should be documented with pictures or with video. This will make it much easier for an appraiser to completely evaluate what your losses were, and it will be easier for you to prove what personal property you had in your home. This type of documentation should be done at least once or twice a year.

Keep Documents Offsite

It's important to keep a copy of your house plans and any other important documentation offsite. You can provide copies of things you have documented to your insurance company as well. By giving them all of the information you have of your home, it will make it much easier to make sure evidence of your home's value is preserved and not lost. While some people keep documentation that will help an appraiser evaluate the loss of property in a fire-safe proof, that isn't a full-proof way to maintain such records. It's better to keep it in a storage unit or some other location away from your home.

By taking some extra steps, you can be fully prepared for future insurance appraisals. Hopefully, your home and property will always be safe, but it doesn't hurt to be extra prepared in case of a loss.

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25 June 2020

Buying a Building for Your Business

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