Hartford Study Stresses Need to Keep Policies in a Secure Place

December 28, 2001

A recent independent survey of 859 adults sponsored by The Hartford Financial Services Group found that many households don’t keep important papers, like insurance policies, in a secure enough place, thus risking their loss in case of fire, flood or other disaster.

Persons 55 or older are more careful. 82 percent keep their valuable papers in “a secure, accessible location.” While only 55 percent of the those responding under the age of 55 did so.

Richard Vaughan, director of loss control technical services at The Hartford, stated that a particular concern was the fact that 81 percent lack a household inventory of valuable goods or fail to store it safely. “Such inventories are invaluable in determining losses from a theft, fire or other disaster, and can significantly increase compensation for insured goods,” said Vaughan.

The Hartford stressed that insurance policies, deeds and other information pertaining to a building should be stored away from the building, ideally in a safe deposit box. These papers can be retrieved if the building is damaged or destroyed. Other important records, such as family records, bank and credit card data, important phone numbers, etc. should be kept in a fire and burglar resistant safe, a safety deposit box or similar secure place.

Was this article valuable?

Here are more articles you may enjoy.