Few Keep Inventory of Home Property

October 6, 2011

  • October 6, 2011 at 11:52 am
    Gerald Escobar says:
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    Good article to remind homeowners and agents who insure them on an important yet often overlooked planning task. The conversation about documenting and valuing your personal property has become more relevant in the past decade. However, until you can make it ultra simple for a client to know what they have without having to change their habits today, it will continue to be difficult to motivate homeowners to inventory their stuff. Even if you offer a service, the client must take action to get this done. The emergence of using technology and tools to help insurance companies, agents/brokers and homeowners know what they own before a loss will be the next wave of making inventories and valuation of personal property pervasive in insurance planning regardless of client profile.

  • October 6, 2011 at 6:05 pm
    HNW Personal Lines Agent says:
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    For affluent and wealthy clients willing to pay the price, there are several companies that inventory the home(s), photograph all significant items, and can appraise fine arts, antiques, etc. The finished product is an impressive binder with digital photos, spreadsheets, and a CD. The companies also maintain the information on-line (with secure servers) or in their own databases.
    For people who aren’t willing to pay for a professional inventory, the Insurance Information institute has a link to an easy to use on-line inventory program – but there is still the challenge of persuading the client to take/make the time to do the necessary work.

    • October 7, 2011 at 10:10 am
      Gerald Escobar says:
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      Yes, those services are great alternatives and solutions. Even affluent clients require education on the value of these services to take action. The next wave of innovation around documenting and valuing contents will be making these solutions the standard when a new client comes aboard with an insurance company and the company is offering guidance on the contents or collections, which so many home owners expect when the company is inspecting the home. Secondly, agents can increase their value in the conversation , by using tools and technology to engage the client around their contents and collections (investments of passion) to help them plan for protection. These tools and technology are starting to emerge and will be more relevant in risk planning. If you think clients are reluctant or agents are reluctant to use these tools, I will just say that the next generation of wealth transfer will require these tools as part of their wealth and risk management….part of the culture. Great discussion.
      Gerald
      @gesco

  • October 10, 2011 at 9:27 am
    Not A Witch says:
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    Most people have a smart phone with a decent video camera- often times these phones shoot better video than they do pictures. The new ones all have 720p HD video cams that shoot 30 frames per second.

    Take out the phone and do the video walkaround from above. Put it on a $5 flash drive– heck I bet a lot of companies/agencies have branded flash drives as marketing handouts– and keep it in a little safety deposit box.



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