Firm-Wide blog

After a Fire, Part 6: How to Determine the Worth of Your Personal Possessions

By Burg Simpson
December 23, 2012
1 min read

Oftentimes after a fire, insurance companies will ask you for receipts.

Well, you know what, as most of you [who have been impacted by the Colorado wildfires] have already figured out, all of your paperwork is probably ash. There are no receipts.

You have a pretty good idea as to, generally speaking, when you purchased certain items. Go to the big box stores, spend some time online, find out on your own (don’t rely on the insurance company), how much it would cost to replace your items today.

Ask your insurance company what they expect of you when they ask you to fill in the inventories, as to how much it costs to replace an item. Most of the time, the insurance company is going to want to know what would it cost to replace that item today, and when did you buy that item.

Preciseness is not necessary. Just give it the very best estimate that you can.

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