If you ever find yourself making a home or tenant insurance claim, your insurance company will ask you to provide some form of “proof of ownership” for whatever items need to be replaced. In other words, you’ll need to document all of your lost or damaged belongings so your insurer can properly compensate you. Sound overwhelming? Don’t worry. We’ve got the answers to your questions — plus some simple ways you can get prepared before you need to make a claim.
In the home insurance world, “proof of ownership” is any document that provides details about an item that was lost or damaged, which now needs to be replaced.
Every insurer has its own requirements, but generally speaking, any of the following documents could be used as proof of ownership in a home or tenant insurance claim:
It’s pretty likely that some of your most prized possessions were gifts – which means you probably don’t have their receipts. If you need to prove ownership of a gifted item, try asking the gift giver for the receipt, or see if you can find the original owner’s manual, packaging, or a photo of the item.
Generally speaking, you’ll always be required to provide a list of your damaged belongings when you make a claim, even if you don’t have proof of ownership for every item. If you don’t have proof of ownership for an item, your insurer will usually pay your claim based on the average replacement cost for a similar product. In this case, if the item you had was of higher quality (and higher than average price), you might not be able to replace it with the exact same model when you receive your payout. Providing proof of ownership can make a big difference in the amount of money you receive after you make a claim.
We understand that it can be difficult to keep records of everything you own, especially if you’ve been living in the same place for a while. If you don’t have proof of ownership for an item that needs to be replaced, talk to your claims representative to see what they can do to help.
When you’re in the middle of making a claim, the last thing you should be worried about is tracking down receipts from purchases you made years ago. There are a few things you can do right now to make your life a little easier in the event that you need to make a claim in the future:
Home insurance is there to protect you when you need it most, and providing proof of ownership for your belongings shouldn’t add stress to the process. Take a little time to get prepared before the unexpected happens.
If you have questions about your own coverage or want to learn more, contact us today.