Monday, January 12, 2009

The Value of Taking Stock

Originally posted on The ReadyStore Blog


The Value of Taking Stock

Regardless of how much you might prepare for disaster, it may not be enough. If disaster strikes, it pays to be prepared for the aftermath.

When the California wildfires threatened to destroy their Escondido home, Costco members Tana and Damian Jackson were able to maintain a degree of calm, knowing they would weather the storm. They knew they couldn’t stop the fire from destroying their home–ultimately, it didn’t–but they were reassured by having a complete, verified inventory of everything in it to give to their insurance company. . .

The Jacksons offer these reasons why businesses, and homeowners, should compile an inventory:

  1. Forty percent of small and medium-sized businesses do not reopen after a catastrophic event because of a lack of resources
  2. Insurance companies rely on a documented inventory of belongings to process a claim. They may not require it but they do recommend it.
  3. Without an inventory, you claim will likely take longer and your benefit will be smaller.
  4. You are probably underinsured, and you will not realize it until it is too late. An inventory may help you determine what coverage is really needed.
  5. It is easier to add now than by memory after a catastrophe.


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