How to create a personal property list

Creating a contents inventory summary (or a personal property list) for your insurance company is very simple!  When a loss occurs at your home and items that are not considered part of the structure are damaged, then that is where personal property coverage comes into play.  This includes food loss!  Yes, the food in your refrigerator can be covered!  However, it is important to know that in order for your food to be covered it needs to be due to a general power outage (caused by a covered peril).  If you are the only person on your block who has lost food due to not having any power, then this does not apply!

There are several things that need to be included in this list to maximize your claim settlement amount.  Now when I say "maximize" I don't mean "I pay my premiums and this is the first claim I have ever filed.  So I should squeeze every extra penny out of my insurance company, just because I feel entitled to more money..."  When I say "maximize" I mean showing your insurance adjuster exactly what is owed from items that have genuinely been damaged beyond repair.

When creating a list of damaged personal property items, you should try to include the following (when applicable):

• Quantity: Be sure to show the adjuster the number amount of a particular item that has been damaged.


• Pricing: Insurance adjusters love it when the policy holder can tell them exactly how much the item costs.  Be sure to submit supporting documentation (receipts, magazine ads, to your insurance company and/or insurance adjuster.


• Model Numbers/SKUS: This helps the adjuster research accurate pricing based on your item's model number. This comes in handy for electronics or appliances.


• When did you purchase the item? And how much did the item cost at that time?: This is particularly useful for older items, as depreciation will apply.  If your policy allows for recoverable cost benefits (RCBs) then you will be reimbursed for an item of like kind and quality or similar value (should the item no longer be available).


• Technician Reports:  If the damaged item is considered a "big ticket item" in other words "an expensive piece of equipment" then your insurance company may require you to obtain a detailed technician report.  Insurance adjusters are not specialists in every field.  This is why your insurance company will need a detailed report from a specialist.  In this report the specialist must list the cause of loss and how much it will cost to be replaced/repaired.  If the item was lost due to a covered peril, then your insurance company will reimburse you for any applicable technician feeds.


• Tell your adjuster where your purchased the item: This will help when researching item pricing (if you do not remember how much you bought the item for).

Your list of damaged personal property items can be hand written, however its preferred to have a formal computer printed list.  Because, well... lets face it!  Not everyone has beautiful handwriting!  You want to make sure your adjuster can read everything clearly, so it will benefit you the most if you formally prepare all of the documentation that you wish to submit to your insurance company.