Keep Valuables Close, But Your Receipts Closer

We live in a very modern world, if you can get over that unfortunate cliché. We have created a world of convenience for ourselves, and for the most part, it works. This convenience has not come cheap, however. No matter how popular an item becomes now, very seldom do we see reductions in value, or cost specifically. We spend a lot of money on some very useful, very high tech, very valuable devices to improve the quality of our lives. But with these great pieces of equipment, comes much responsibility. We have to make sure that they don’t succumb to human error, bumps, falls, spills etc. Even more harrowing is that we have to protect them from theft. If you’ve just acquired a new and expensive electronic device, don’t let go of your receipt—it is just as valuable as the item itself.

Even if the receipt slips out of your hands, as soon as you bring the item home, list it in your home inventory (assuming you have one, if not, start one when you’re through reading). Neglecting to retain some proof of purchase could find you in something of a further predicament when it comes to filing a home insurance, or even a renter’s insurance, claim. If you cannot sufficiently or satisfactorily prove that you owned the items you claim are stolen, and you cannot prove their value through receipts, original packaging or inventory, your insurance provider may not be able to compensate you fully for the losses you’ve incurred. Here are some tips to help you safeguard your possessions, so that in the event of theft, you can be sure that your insurance provider will compensate you appropriately:

  • Keep your receipts in order, in a safe area. Get a binder or folder for your most expensive purchases, and keep the warranties in there too for good measure. Don’t leave this binder on the coffee table, please.
  • Set up a spread sheet for your expensive purchases. Input the date, amount spent and the name of your retailer/seller. Also input if you have the receipt or not.
  • Before you go travelling or on vacation, take video shots or pictures of your expensive items. Keep these with you, and verify that they are still where you left them. Should they not be, you will have a bit more proof of ownership.
  • Take your time in reading your homeowners insurance policy fine print. While you may have proof of previous possession of the items, many insurance companies have a ceiling figure that they will pay up to. What you could consider investing in, for the higher value items like artwork, collectibles and jewelry, would be an endorsement. An endorsement to your policy will make accommodations for the pricier items that you have lost.
  • Don’t rush the process. Your insurance company may give you a check very quickly to settle your affairs. But if you follow through the process completely, you may very well get an amount that is much closer to what you’re actually owed.

Always make sure you find the best rates for cheap car insurance, as well as homeowners and renters insurance.

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