In the book, 5 Laws of Credit, the Author on page 27 ask this question (and more) about your Collateral: Do you have pictures of your Collateral?
If your answer is no, then you should take photographs of all your asset or collateral in your home and or business.
If you answered yes, then you have done well if you have access to your photographs of your Collateral when adversity hits home/business.
Why? Recently in the news, someone’s home was damaged by fire and the homeowner made a claim for their loss of property in their home. The homeowner told their Insurance Representative what was lost and expected to receive $50,000 for personal goods destroyed. The Insurance Representative asked the homeowner: “Do you have pictures of your Collateral in your home to prove you own those items lost in the fire?” The homeowner responded no to the question and the Insurance Representative replied neither can we pay you $50,000 for your loss. Decide well. Live well. Experience the difference when you read the 5 Laws of Credit For Your Personal Credit & Financial Freedom. The 5 Laws of Credit is easy to read, easy to learn and easy on your budget.