Visgauss Consulting LLC
(VCLLC)
Frequently Asked Questions - Inventory of Personal Property
Is this an appraisal?
No. This is not a process to determine the value of your property.
What is it?
Our service involves listing and photographing your property to help document its existence and condition. You may also retain “VCLLC” services for an insurance coverage review.
Why would I need this service?
Life presents surprises to each of us. Circumstances may suddenly change where it is important to be able to show what was in your home (or business). It may be as important to show the condition of the property as well.
What kind of surprises are we talking about?
Insurance claims (fires, hurricanes, broken pipes, burglaries), estate evaluations, disaster relief assistance forms, matrimonial issues, tax cases all present situations where it is helpful to establish the existence and condition of personal property.
Why can’t I do this inventory myself?
Of course you can! The problem is, most people don’t. It is time consuming. The records need to be stored off site, and updating be required.
If you have a claim or other contested situation, you will find it better to have an inventory prepared by an independent, experienced third party.
What qualifications separate you from other services?
Visgauss Consulting LLC (VCLLC) was started after the principal, Mike Visgauss, spent 37 years in the insurance industry. His experiences include working as an Automobile and Property Adjustor, Commercial Specialist, Personnel Specialist, Claim Superintendent and Insurance Agent. Visgauss Consulting LLC is positioned to assist clients in the preparation and documentation of personal, and business property inventories.
What services will we provide?
We will compile a room by room listing of:
a)Major items including a description of major items including make, model and serial numbers if available.
b)Digital photographs of furniture, closets, electronics. Musical instruments, jewelry, collectibles, silverware, goldware, stemware, china, crystal, firearmsand other property as presented. Clothing will be photographed hanging closets. (Drawer contents generally not included.)
c)Distinguishing makers marks or serial numbers will be documented, as available.*
d)Building/ Improvements and betterments – we will secure pictures of each room to document the construction characteristics. This will enable identification of features to be included in any repair and/or appraisal estimates.
Electronic documentation –
We will photograph or scan appraisals, warranty and/or registration cards that correspond to the personal property documented, if presented at the time of inspection.
A separate record will be generated for each client individually. No records will stored that in any way exposes your information to internet hacking. Depending on the level of service chosen, the hard drive will be:
a)Given to the client on a hard drive to maintain, update and store at their discretion.
b)Retained on an encrypted hard drive that is backed up off site.
c)Your records will be kept in a separate file that is coded to your address. Identifying information will be included to document the files’ applicability to your address,
If collections require time intensive attention (such as stamp collections, coin collections, baseball card collections, other curios) the billing will be on the quarter hour basis at a rate of $75 per hour.
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Insurance CoverageEvaluation
No one wants to have an insurance claim. Many people presenting a claim exclaim, “I never thought this would happen to me.” Most people do not read or understand the protection their insurance policy provides. What would you do if you had a fire? A burglary? We can help you review your insurance policies to evaluate coverages and special limits in your policy that may apply if there is a loss. And some claims may or may not be covered. We don’t sell insurance, so our focus is on objective reviews of limits and exposures. Ask your tax preparer about dealing with the IRS to establish the value of casualty claims for tax purposes.
Even if you know and trust your local agent or broker, they may not be the one that handles your claim. A company representative, or even an Independent Adjustor, may be the one to evaluate your claim and decide how much of an offer to give you. That will be based in part on a determination of what is covered. Another part of the analysis is to determine the value of your personal property. Even the best insurance companies have some inexperienced people in their claim department. Do you want to rely on someone you don’t know to determine whether you get paid? Or how much you get paid? We can help you get what you are rightfully entitled to by helping you chose a representative to present your claim to the insurance company. Without properly documenting of the existence and condition of your property, you MAY BE OFFERED THOUSANDS OF DOLLARS LESS than your property is worth.
Proving the existence of personal property is often a difficult hurdle for the average homeowner or business owner. Every insurance policy requires that a claim be supported with documentation. Our inventory records will help you evaluate, organize and present any claim to your insurance company. Most people don’t keep all their receipts. Actually, nobody does! Our inventory and pictures will help you recall what was in each room. They will also prove you actually had the items you don’t have receipts for. As an exercise, test yourself. Close your eyes and picture any room in your home. Make a list of everything you remember. Then go home and see what you left out!
Most people, and many businesses, do not keep up to date records of furniture and fixtures. This could turn out to be costly if there is an insurance claim.
In the event a large claim occurs which is not covered, there are other avenues to protect yourself financially. One is to consult your tax expert to investigate your ability to claim a casualty loss deduction on your tax return. Another avenue is to file an application with the Federal government under a disaster relief plan. In either situation, you will find having an inventory prepared before a loss invaluable in establishing what you are entitled to.
It just takes too much time!
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Pre-Nuptial/Matrimonial issues
Having a detailed inventory supported by pictures can relieve the stress involved with establishing who owns what at a particular point in time.
Estate Evaluations
Many people find estate inventories to be emotionally difficult. We cannot eliminate the stress, but we can help reduce the stress on the family. It is important to know what personal property is present and what its condition is. Sometimes, the Executrix/Executor is located a great distance from the estate to be managed. Having a local firm available to conduct an inventory can be a valuable asset.
Commercial Settings
Are you contemplating purchasing a business? Do you need to establish the existence and condition of business personal property? Goods for sale? Material? We can establish the amounts, condition and location of property for tax or other business purposes.
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