The hardest part about working in the insurance industry, as an independent insurance agent, was getting the phone call from a client about a loss. Especially when that loss incurred inside of their own home due to theft or fire.
On the initial phone call, one of the first questions I would ask was, “OK. What did you loose?”
A bit out of sorts, the client responds, “Umm. Let’s see here. A lot of stuff. Like my computer. Cash. TV. Stuff like that.”
I would keep badgering the client to give me more of the details, but generally, there was always something important they forget. I really can’t blame the client for leaving something out. After all, they just went through an emotional event. However, in order to fully reimburse a client for their loss, I need to know exactly what they owned. If they don’t know what they owned, I can’t get the insurance company to reimburse them.
The solution to this is to take inventory of your possessions. The process sounds complex, but as with all things, technology makes it a lot easier. The National Association of Insurance Commissions (NAIC) has many free resources to make the home inventory process simple. They offer:
- A Home Inventory Checklist
- An iPhone Application that lets you “quickly capture images, descriptions, bar codes and serial numbers of your prized possessions. The app organizes information room by room and even creates a back-up file for email sharing.”
The resources that the NAIC provides are available for free.
If you haven’t already done so, make capturing a home inventory a priority. With the resources from the NAIC, it should take no longer than a weekend afternoon.
How to Enter
There are different three ways you can enter.
- Comment on this post about the first possession you would photograph, when compiling your home inventory.
- Like Gen Y Wealth on Facebook and leave a comment on your favorite recent post. If you’re already a fan of Gen Y Wealth on Facebook, you can still enter– just Like a recent post on Gen Y Wealth and leave a comment on that thread.
- Tweet the following, “I entered to win a digital camera from @rjweiss of Gen Y Wealth and NAIC”
You can enter yourself into all three categories. Each category counts as a separate entry. Therefore, by entering into all three, you give yourself the greatest chance of winning.
Selecting the Winner
On Monday, March 28th, at 12 P.M. Central Time I will select the winner. I’ll assign each entry a random number than use random.org to select a number.
I’ll post a video of the process on this page, along with sharing the news on Twitter and on Facebook.
Update: Congratulations to The Bucksome Boomer for winning the digital camera.