Too many policyholders do not conduct prior inventories for insurance purposes. They think of insuring their goods against theft without evaluating the amount of the contents of the house.  

The tragedy of the Notre Dame Cathedral fire in Paris shows us how fire-related risks remain the most important despite all the technological advances of the 21st century. 250,000 fires, instead of 125,000 20 years ago, are declared to insurers in France each year according to Verisur.

What does your insurance policy say about protecting your valuables in case of fire?

This is a good time to review the general and special conditions of your contract. Have you checked that you are still in compliance with what you declared at the time of subscription?

Do not hesitate to ask your company or mutual insurance company for explanations on the particular conditions. For example: 

• Some insurance companies require the installation of fire detectors in high-end homes.
• Indeed, autonomous smoke detectors according to the approved standards can be installed in addition to those specific against theft in rooms containing valuable objects.
• In general, it will be necessary to foresee in addition an annual technical maintenance which I will have to justify in the event of disaster.

In this blog, I report my field expertise. I often see underinsurance and a gap in coverage. 

My goal is to encourage you to look into the matter even if it remains tedious (I know it well)!

Carry out a detailed preliminary inventory to justify the value of the totally destroyed goods

I insist that an accurate and detailed inventory of your valuables be ready in case of a loss. It should be accurate enough to detail the item and its condition at a date relatively close to the loss.

• You can do it yourself. However, photographs are not a proof of the value of the goods. Moreover, think of taking the object under several angles, with the hallmarks for silverware... Consult an expert for a particular object of value or have a detailed inventory established.
• This summary document will be invaluable to you on the one hand to verify that the capital subscribed corresponds to the value of the goods in your possession and, on the other hand, to be used as proof of existence in the event of a claim for the contracts in declared value.

Know your coverage limits

Depending on the categories of property defined in your insurance contract, the coverage limit may be limited.

• For example, valuables may be restricted in terms of their unit value or in total.

In conclusion, you can make yourself photographs and description of the valuable objects especially keep a file with the invoices of purchases or claim duplicates for the valuable goods.

Here is the case study of the week. An institution that kept valuable goods that had not been previously estimated burned down. The totally destroyed building can be completely rebuilt. On the other hand, the contents will remain capped at a small indemnity. Indeed, the conditions declared at the time of the subscription were far from the reality of the damage.

If you need help with an insurance inventory, contact us.