What Is “Proof of Ownership” When You’re Making an Insurance Claim?

| Updated on July 7, 2023

Following an incident or accident involving a covered item and filing a claim, your insurance company may require you to establish proof of ownership. Proof of ownership is a record that details a lost or broken item that needs replacement. Insurance companies set up this requirement to deter filing fraudulent claims. If you’re looking for the best insurance policy to protect your business and assets, you should expand your bop with San Angelo Insurance.

 The following items can be used as proof of ownership:

1. Original Receipts

Sales receipts are given to customers as proof of purchase. They are helpful if the customer needs to utilize the warranty. Also, a sales receipt can act as proof of ownership when you’re filing a claim. It demonstrates to the insurer that you’re the rightful owner of the item.

2. Email Receipt

E-commerce is the future of shopping. When you buy items online, you receive a sales receipt within an email. And so, if you had bought a covered item from an online business, you can retrieve the email that contained the receipt and it would act as proof of ownership.

3. Picture or Video of the Item

Some valuables are traded without any form of documentation. And if the item gets lost, and you file a claim, it would be awkward proving you’re the owner since it’s your word against their word. But if you can produce a timeline of images or videos of yourself in different places and times with that item, it can act as proof of ownership.

4. Credit Card Statement

This is helpful if you have deleted the email that held your online receipt. I mean, when you buy items online, you never stop to think, “I might need this in the future as proof of ownership,” and it’s easy to delete the email from the vendor. Still, your credit card statement can show that you purchased the item, and this would be accepted as proof of ownership.

5. Certificate of Title for Caravans

A caravan is counted as a personal possession, not real estate, and a certificate of title can be used as proof of ownership. However, this document can’t act as proof of owning the land on which your mobile home stands.

6. Mortgage Statement

If you have a home loan, you can use a mortgage statement as proof of ownership. It allows your insurer to see various details about your real estate and certify that you own it.

What If It Was a Present From a Friend or Family Member?

If you’re gifted an item, it’s not courteous to ask for the sale receipt. But then you buy insurance for this item and it becomes lost or damaged. How do you navigate the issue of proof of ownership? Well, you may reach out to your friend or family member that gifted you and ask for the sale receipt.

What If You Have No Proof of Ownership?

Sometimes, an item that you own might get stolen or destroyed, and you would have no proof of ownership. In some cases, it might be grounds for denying a claim, and in other cases, it may reduce the worth of the claim. In other words, you may end up receiving inadequate compensation.

Ensure You Can Provide Proof of Ownership Easily

For many people, filing a claim and getting asked for proof of ownership would probably get them into a panic, as they know their living space is disordered and it would be difficult to find documents. And so, the biggest tip is to prepare ahead of time.

Note Down Your Belongings and Their Value:

this is a time-consuming activity, but you can do it in phases. Describe the items you own, where you bought them, and what you paid. If you have original sale receipts, make digital copies.

Take Videos and Photographs of Your Items:

insurers consider photos and videos as acceptable forms of proof of ownership. And so, you want to take photos of your items over time, to make it easy to establish that you own them.

Archive Online Receipts:

if you buy items online, make sure to archive the email that contains the receipt. If you let other emails pile above it, you may forget about it, and probably delete it along with other emails later.

Joseph Williams


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