I'm sure most of you have some sort of home and contents insurance cover but does this really guarantee payouts on insurance claims?

Usually after your home/contents has been robbed or damaged in some way, you would make notes of what was taken/destroyed and file a claim with your insurance company. However, before any claim will be approved, you need to be able to provide "proof of ownership" on the lost property. A common way to do this is to show them the purchase receipt. However, how many of you actually store a box filled with old receipts for every single asset in your home? Or what if all these receipts were stolen or burnt up in a fire? (Note here our earlier blog on potential for storing receipts etc in a "cloud" product like Evernote)

A great alternative to ensure you cover all bases, and ensure a payout, is to take a picture. All you have to do is grab a camera, go around the house and take pictures of all your important assets. This is generally all the proof insurance companies are going to need to approve a claim. However, to protect yourself even more, it is best to store copies of these pictures offsite, outside of your home, as a back up just like you would do with important business records!  This will ensure that if the time comes when you need to make a claim, you can be confident you have the right proof of ownership to guarantee a payout.

Of course you should check with your insurance company what records they will require to establish proof of ownership and loss.