Precision Environmental Performs Total Loss Inventory Services
A total loss inventory lists non-salvageable items generated after a water, fire, smoke, mold, or asbestos loss. The insurance company has agreed to provide "like-kind and quality" for damaged items, and if the items affected were not able to be restored to pre-loss Condition, the insurance company will pay for those items and salvage them. Our own Contents Specialists create the Total Loss Inventory and then send it to the property owner to provide, to their best ability, the original purchase price, location of purchase, and year of purchase. The List is then sent to the adjuster who has the items valued. The valuation process involves finding the original price of the item and applying depreciation to find the item's current value.
The insurance company then pays the property owner the depreciated value price for that item. If the property owner is to purchase an item of "like-kind or quality" to the depreciated item, they turn in their receipts to the insurance company. The insurance company will then pay the difference from the depreciated value to the original purchase price.
Precision Environmental team of total loss inventory specialists will photograph all items; create a detailed list with as much information as possible, including physical description, size, brand, model, serial numbers, and location within your property. This list is categorized and alphabetized on an easy-to-read printout and provided to you and an insurance provider.
When is Total Loss Inventory needed?
When contents have become damaged/contaminated, the customer is making a claim through a third party (i.e., insurance carrier, property management co.) to seek compensation.
Total loss lists are essential to both you and your insurance adjuster!
This allows the adjuster to see your actual losses in a detailed manner so the adjuster can begin reimbursement for your personal property losses. Total loss inventory is also significant to you as Precision Environmental provides a valuable starting point; to know what will need to replace to get you back to pre-loss condition.
Once you and your insurance adjuster have approved your total loss list, we can remove all total loss items and dispose of them properly. This process is called debris removal. Our specialists can also take care of all the transportation and disposal of contaminated items or items posing a health hazard.
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Certain items will be considered a "total loss." There are three reasons that an item is deemed a total loss.
- The item is damaged so severely that it cannot be restored to its pre-loss condition.
- It is not economical to restore the item to its pre-loss condition.
- It is not safe to restore the item to its pre-loss condition.