10/29/02

Shared by Dr. D. N. Parkerson (drdnp@plantationcable.net)

I was in 2 chiropractic meetings over the weekend with my first 
book, Five Easy Steps, and a discussion arose about insurance on the 
contents of your house or office.  I was a bit surprised that many of 
them did not know how that works...



Even if you have $1,000,000 coverage on the contents and you have 
nothing itemized (manufacturer, exact cost, description, year of 
purchase, etc., etc., of every item in every room) you will get no 
payment from the insurance company on your contents!  Zero!! 



A close friend of mine who is a highly ranked government official, 
had a beautiful home that was loaded with magnificent furnishings 
of all types worth hundreds of thousands of dollars.  While they were 
away for a weekend, their home burned and they lost everything.  I 
think he left a toaster plugged in and it shorted out.  



The coverage on the contents was $500,000, but they had nothing 
itemized!  He thought that since he had more than $500,000 worth of 
contents they would just write him a check for that amount.  The 
insurance company wanted to see his itemization facts... he had none!  
Besides that, he couldn't remember all that was in each room and 
weeks after the final settlement, he would think of certain 
treasures that he left off of the list he got up.  He hired an attorney, 
but still he got very little money from the coverage since he had 
nothing itemized...



At the time, I also had nothing itemized.  Marilyn and I immediately 
bought spiral ring notebooks and started itemizing everything in the 
office, our house and even my ranch/farm.   We also took pictures 
and movies of each room's contents.  And each time we purchased 
something, regardless of how small it was, we wrote all the 
particulars about it down.  Yes, even the small things; they will all 
add up!  



Put this in a safe, or your safety deposit box at the bank, or give it 
to a very close friend to keep for you; but do not keep it in your 
house!! 



If you're not going to list and itemize everything, at least stop 
wasting your money on insurance that will not pay you without 
itemizing