Residential Personal Property

The course, “Residential Personal Property,” is designed to enhance the knowledge, understanding, and adjuster competence in handling claims involving residential personal property.

“Residential Personal Property” explores the fundamentals of property insurance coverage that is offered for these types of items. It addresses the question: “what makes these types of claims unique?” The course begins with a discussion of coverage typically afforded to residential personal property. It explores various integrated issues, such as named perils coverage, limitations, exclusions, and policy limits. It goes on to explore issues like optional coverages available, valuation, and investigative techniques associated with this class of property.

Valuation of contents claims is given specific attention. Once the claim is deemed a covered loss, the focus shifts to valuation- how much is it worth? Extensive discussions of replacement cost and actual cash value concepts are provided.

The adjustment of these claims involves a number of areas that can help ensure the success (or failure) of the adjustment. Communications between adjuster and claimant are critical. We highlight those techniques which lead to success within an adjustment (while also identifying those activities which invite problems). We also look at scoping procedures – how to scope a large contents loss involving hundreds, if not thousands of individual items. File Quality, including adequate file documentation is another important area that can either “make” or “break” the assessment or evaluation of the adjuster’s work product.

Finally, we look at three individual areas – antique furniture, jewelry, and works of art – that can present specific adjustment challenges within this category of claims. We offer information and suggestions in each area to move the adjustment forward toward a successful resolution.

The first of the course’s goals is to help adjusters clearly understand the nature of contents coverage and how to successfully apply it to a variety of loss scenarios. This involves exploration of the policy’s major coverage components and concepts.

The second of the course’s goals is to apply that coverage analysis within the framework of the adjustment process itself. Here we look at the major building blocks of success, including communication, investigation, and proper scoping of these losses. Finally, we conclude by looking specifically at three particular areas of contents claims – antiques, jewelry, and works of art – in an attempt to shed more light on three challenging areas within this coverage.

After completing the course, the student will have a much stronger grasp of the nature of residential personal property claim handling, including its coverage and valuation constructs, file adjustment challenges, and even a “taste” of some specialty areas within this line of business. It gives them a solid overview of what is involved, and what must take place for the adjustment to go right. It provides a meaningful walk-through of what makes for success in adjusting these types of claims.