Insurance Companies Recommend Inventory Of Gifts Received During Holidays
By: Stephen Crews
Updated: December 31, 2010
Before you take down the Christmas decorations it might be good to take inventory of your gifts.
Many people don’t adjust their insurance after making major purchases like new televisions and expensive electronics.
Some policies limit coverage on items like jewelry, fur or firearms.
If a loss occurs, such as a fire or theft, those items may not be covered under the current insurance policy.
Representatives from State Farm Insurance recommend that you document what you own and contact your agent to review your coverage.
Willie Durham Agent, State Farm, says, "I recommend to my customers one of four forms of verification, either you have the manual for that item, a receipt for that item, photos or some people actually take a DVD recording of it and place it somewhere safe like a safety deposit box or at a relative’s house so if your home was burned or items were stolen you have some documentation of it."
According to State Farm, the average paid claim in 2007 for stolen personal property was more than five thousand dollars.
Many people don’t adjust their insurance after making major purchases like new televisions and expensive electronics.
Some policies limit coverage on items like jewelry, fur or firearms.
If a loss occurs, such as a fire or theft, those items may not be covered under the current insurance policy.
Representatives from State Farm Insurance recommend that you document what you own and contact your agent to review your coverage.
Willie Durham Agent, State Farm, says, "I recommend to my customers one of four forms of verification, either you have the manual for that item, a receipt for that item, photos or some people actually take a DVD recording of it and place it somewhere safe like a safety deposit box or at a relative’s house so if your home was burned or items were stolen you have some documentation of it."
According to State Farm, the average paid claim in 2007 for stolen personal property was more than five thousand dollars.
