How Can You Prove Your Loss?
If you incur a loss to your contents which is covered by your homeowner, condominium, or tenant package policy, the onus is you, the insured, to prove your loss to the insurance
company. Here’s how to prepare yourself in such a situation.
It is helpful to keep receipts or other proofs of purchase, such as credit card statements to demonstrate worth and replacement cost, especially of high value items. If receipts are not available, pictures or video recordings are helpful. If you do prints, write a description of each item on the back, or if you have a digital recording, it should be date stamped.
Your household inventory, with these supporting items should be kept in a safe place. Copies can also be left with friends, neighbours, or in a bank safety deposit box.
Gifts, acquisitions, and new purchases of value should all be reflected on your household inventory. For this reason, you should update your inventory list each year. Certain items of value such as artwork, heirloom jewellery, or antique furniture, sometimes require higher insurance coverage. You may want to establish an insurance rider to ensure all your high value items are properly and adequately protected.