UK Money News
27th February 2008
Inventory 'key to insurance claims'
Individuals must take care to ensure they have adequate insurance protection for their personal items, with the onus on the consumer to prove which belongings they have.
With the array of household gadgets and goods continuing to increase, as well as a rise in the price of goods in light of new products such as flat-screen televisions and computers, Britons are advised to take steps to help establish an inventory of their possessions.
A spokesperson for uSwitch.com advised individuals to take photographs of their belongings or, better still, to produce receipts for items they own.
"An inventory would be a good idea," he explained. "Also, photographs of certain items might be a good idea, and you need to have an idea of what they’re actually worth. A lot of people don’t actually know what the things they have are actually worth.
"Obviously an insurance company will look at single high-value items and they may refuse to cover them in the event of a claim if they were not informed about it beforehand."
Figures from the Association of British Insurers indicate that insurers paid out £9 million per day to householders for property damage or the loss of possession in 2006.
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