How to compile an asset register
It is very important that you compile a current asset register that you save in the cloud.This will prevent your assets from being averaged at claim stage. Knowing your assets worth is very important.
Personal Policy – when compiling an asset register, you will need to list all the household contents. The best way to do this is to do it room by room and list everything that you would basically move out with should you move from the house. You need to list all items from the bedding, towels, picture frames, paintings, vases etc. With your list, you also state serial numbers for electronic items like desktop computers and radios. The complete description for each item on the asset register should be stated as well as the current replacement value.
One should bear in mind how much something will cost if it was purchased at this point in time even if this was purchased 3 years ago. This will prevent your claim being averaged at claim stage as you would be adequately insured.
Your insurance automatically increases your household contents by 10% at renewal in order to allow for inflation and the fact that you might have added more items to your household. Compiling an asset register is important as should something tragic happen, for example your house burning down, then you don’t have to remember contents that you had as you already have the list.
Business Policy – As a business it is vital that an asset register be compiled, especially for electronic items at the company so that no items are missed and there is a list of assets in the event of total loss. It also protects you when you have many similar items and you can prove to the insurance that you are not claiming from the same item as the serial numbers have been listed to differentiate the similar items. As the register is being compiled one must ensure that all the listed items are priced at replacement value and review it every year in order to ensure that you can still replace an item for that amount.
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