How does proof of ownership affect home insurance claims?
If you are trying to file a claim with your home insurance provider for damaged or stolen items, then they may ask you to provide “proof of ownership” before they process your claim. But what does proof of ownership entail, and why is it so important? Here’s what you need to know.
What is Proof of Ownership?
Proof of ownership refers to any document that provides information about the items that were lost or damaged in a claim event. While every home insurance provider will have their own guidelines for what counts as proof of ownership, the following documents are generally accepted:
- Original purchase receipts
- Electronic receipts
- Email receipt/confirmation for online purchases
- Photo of the item
- Bank or credit card statement
- Certificate, evaluation, or appraisal
- Warranty or guarantee document
- Operating manual or packaging
What Happens if You Can’t Provide Proof of Ownership?
Technically, you do not need to provide proof of ownership when informing your home insurer about damaged or lost items. However, if you cannot provide this proof, then your insurer will base your claim on the average replacement cost of similar products. If your belonging was higher-quality or more expensive, then the money you receive from the claim will likely be insufficient. Providing proof of ownership is simply a way to ensure that you get all the coverage that you need to replace or repair the item.
This is what you need to know about proof of ownership when it comes to homeowners insurance claims. Do you have additional questions about your home coverage? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.