SERVPRO Shares Insurance Tip for Your Business

11/2/2021 (Permalink)

While insurance for your business is typically a given, oftentimes people forget a crucial step of the process. Keeping a well-documented picture inventory of the items in your store or office can often save you both time and money when it comes to filing a claim after a disaster or loss. It’s easy to assume that the process for replacing damaged property or belongings is a pretty straightforward process but you’d be surprised to find out that is not often the case without proper detailed documentation.

Insurance companies value items in losses based on market value and/or age and without picture documentation of what condition your items are in, you might find yourself with an inaccurate valuation for your damaged items. For example, your “expensive vintage decor” that burned up in a fire may be valued based on the fact that they are old, or at the cost of current décor. Sometimes, especially with vintage items these valuations are less than what the products are worth. This is where a picture inventory of your items comes into play. You’ll be able to show your insurance company that the “old wooden chair” isn’t actually just an old wooden chair but is actually a mint condition vintage piece of furniture that is worth quite a bit of money.

We sincerely hope that you’ll never actually have to use that list ever, but if you do it can save a lot of headaches, and if you need someone to come in after a disaster to help mitigate your losses, give us a call here at SERVPRO of Elizabeth City/Outer Banks.