The 4th Commandment: Thou Shalt Be as Detailed as Possible

If you want to maximize your insurance contents payout, then you need to submit a robust list. A robust list not only includes many items, but also describes each item in detail. Why is this important enough to be one of our "Ten Commandments of Home Inventory"?

Because, unfortunately, it's common practice for insurance companies to take YOUR LIST - the one you worked on for months and swore was accurate - and go to town doing gymnastics to get the costs down.

One of the main ways they reduce the numbers is by using your generic description to find the cheapest item that sounds similar and using THAT price. For example, you may list a "flat screen TV." Their computer program will gladly use that detail-less description and price it as a 'Westinghouse 24" Class Smart TV' at $49.99. I personally have seen Allstate take an adult men's tee shirt - which was supposed to be a man's graphic tee like you would find at Belk - and price it at $2.99 from Michael's (Gildan short sleeve adult t-shirt)!!!!

The more details you add, the harder it is for them to reprice to ridiculously low amounts. Even then, sometimes the insurance company will CHANGE your submitted description in order to lower their costs. In this case, you have to respond and say that their item is NOT of like kind and quality, and insist that your item descriptions and prices be used. If they happen to find that same item at a lower price than what you listed, as long as it is not used and is currently readily available, that is considered fair repricing. But you can see how submitting a detailed description of your items helps you get a better payout in the end.

It forces the insurance company to be more accurate and fair in their payout. So don't skimp on being as detailed as possible if you want a maximum payout for your Contents Coverage.