27 May Home Inventory – Go Beyond The Policy
Home Inventory – Go Beyond The Policy
by Phillip S. Porter of Crystal Treasures
Property managers who conduct and maintain a comprehensive home inventory program, whose results transcend life’s events for their clients, will be considered among the elite managers. Elite property managers clearly know and understand the benefits of conducting a home inventory. A premier home inventory program will go beyond the obvious, the insurance policy and allow you to identify your client’s assets today while safeguarding the transfer of their assets for future generations.
The benefits of a good home inventory management system include:
• A Fairer Payment & Quicker Claim Process: Per the American Red Cross, “a home inventory makes it more likely you’ll receive a fast, fair payment from your insurance company for your losses”.
• Insure Proof of Loss: When a homeowner experiences a loss due to fire, storm damage, burglary, etc. the proof of loss is on the homeowner. Very few people, if any, can memorize all the contents in their home including model and serial numbers, but yet the proof of loss is solely their responsibility. A home inventory will insure you have proper proof of losses incurred.
• Proper Insurance Coverage: 70% of the homeowners in the United States are under insured by 30% or more. The best and most accurate way to determine if you are properly insured is to inventory your home.
• Greater Chance of Recovery: Per the National Sheriff’s Association Neighborhood Watch Program, “Citizens who mark/inventory their property have a greater chance of recovering it, as this aids the law enforcement agency in identifying the valuables. It also deters the burglars by making it more difficult to dispose of stolen goods and increases the chances of recovery and conviction.
• Effective In Reducing Burglary: Per the Minnesota Crime Prevention Association, “Operation ID/Home Inventory is a prevention program effective in reducing burglary”. How? By inventorying your home and then placing a “Warning Sticker or Sign” on your home/property and notifies others that you have inventoried your home and your contents have been properly identified.
• Changing Value of Antiques & Collectibles: Antiques and collectibles can change in value based on market conditions. Therefore, it is important to inventory these items every few years so you know you have proper insurance coverage. In addition, if you have inherited assets, this a good reason to inventory your home also.
• Estate Planning: An effective means of transferring your personal property to the next generation and reduces family conflict over your personal assets by completing your inventory (Tangible Personal Property List) per the estate planning industry. Contact your attorney for more information!
• Verify Loss For Tax Filings: Per the American Red Cross, a home inventory “provides documentation for tax deductions you claim for your losses.”
While the day of a Household Manager is filled with challenges, keeping these benefits in mind can lead to a great future as an elite manager. Always focus on the strategic long-term benefits of your client’s home inventory, instead of the short-term resources required to conduct the inventory.
Phillip S. Porter
Crystal Treasures, Inc. (CTi)
Asset Inventory Management Services
3432 Denmark Ave., #133
Eagan, MN 55123