“We want to make sure all of our workforce – including our independent partners – are ready if Mother Nature decides to call. “It’s a never-ending process of teaching, training and testing,” said Craig Sakraida, Director of Catastrophe Operations. On-site stress tests are held to ensure critical functions will work correctly in an actual catastrophe. In addition to conducting off-site adjuster training, Citizens annually identifies internal business unit-specific catastrophe response functions that require testing. Participants are evaluated to help assign roles and determine which scenarios qualify for a CAT response, perhaps the most intensive service the company provides. Your inventory also can help you perform your annual insurance policy review by helping you and your agent more easily determine the value of your personal property and evaluate whether your policy coverages are adequate.ĬAT Training Vital Before Disaster StrikesĪn effective catastrophe (CAT) response depends on an educated workforce, and many of those workforce members for Citizens are the independent adjusters who must know our latest systems, processes, policies and emergency-specific responses.Ĭitizens conducts year-round preparedness training and disaster exercises for staff and independent adjusters. Once you have completed your home inventory, set a calendar reminder to update it quarterly or whenever you make a major purchase, such as a new TV or refrigerator. Consider storing electronic copies of these documents on an external storage device (portable hard drive or thumb drive) or cloud service so you have one go-to location following a loss. You also may want to keep a copy with your other important financial information (home insurance policy, mortgage documents, bank information, etc.). Store a copy of your inventory in a safe place outside of your home (in the “cloud,” in a safe deposit box, etc.). If you have receipts for the items, keep copies with your inventory documentation. Whatever method you choose, go room by room, taking note of each item’s value, serial number (if applicable), unique design details and date of purchase. These resources may provide useful checklists to ensure you do not miss anything and may even allow you to store a copy of your information in the digital “cloud” so you can access the information even if your computer or phone is lost or damaged. Whilst inventories and check out reports prepared by in house clerks and. Online inventory templates or smartphone apps are available to document your belongings. IIS are Professional Qualified Inventory Service Providers For Landlords. A complete inventory can help you identify items that may be difficult to document after damage, especially smaller items, and can serve as a starting place when you report a claim.Ĭomplete a video inventory by walking through your home or apartment and narrating the items in each room.Ĭreate a photo inventory by taking photographs of your items, including serial numbers, and creating an album of your home’s contents. is a registered service mark of the National Association of Insurance Commissioners. In other words, the home price correction spurred by last year’s mortgage rate shock had a limited runway given how tight housing inventory levels remain.A home inventory can help you ensure that you have adequate insurance in the event of catastrophe and can help you verify your losses.Ī home inventory is a complete record of your belongings, including their purchase date and approximate value. “Though demand has suffered under the weight of home affordability at near 37-year lows, the persistent lack of available inventory continues to push home prices higher this spring, despite Fed efforts to cool the market by raising rates,” Walden tells Fortune. Nationally, seasonally adjusted house prices rose 0.71% between April and May.Īndy Walden, VP of enterprise research strategy at Black Knight, tells Fortune that tight inventory levels stabilized the national housing market once it entered into its seasonally strong window this spring. The other 99 markets saw a home price increase. On Friday, we learned that only one of the nation’s 100 largest housing markets tracked by Black Knight, a leading provider of financial/mortgage software, saw a month-over-month home price decline in May. Competitor 1: A well-established home inventory service provider that offers both physical documentation and digital storage options. However, to the dismay of some homebuyers, the housing market has shown a great deal of resilience through the first half of 2023. Our market research has identified several major competitors in the home inventory industry.
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