Settling Stolen Property Claims

Determining ownership and the value of stolen property is difficult after the loss, simply because there is nothing to view.

One of the best ways to be prepared for the possibility of a loss is to prepare a home inventory.

Get a Free Home Inventory Checklist.

One or more of the following may help verify the facts:

• Photographs of inventory or a family member with item in the background.
• Receipts, purchase orders, invoices
• Canceled checks
• Credit card slips
• Charge account records
• Chattel mortgages
• Registration (guns, boats, etc.)
• Customs declarations
• Warranties and guarantees
• Instruction manuals
• Tax records
• Bills of lading, shipping receipts, tariff receipts

Other people able to testify to existence of the property -- such as delivery people, movers, repair people, cleaners, domestic servants, neighbors, relatives, friends, appraisers, vendors, sales clerks, landlords, donors and insurance agents.

If you have a loss, you and the claims person will be using these items to establish the age and value of your possessions.

Most insurance policies provide coverage for personal property on an actual cash value basis (replacement cost less depreciation). Some policies or endorsements provide coverage on a replacement cost basis -- depreciation is not considered.