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Snupps - UK Households short changed by insurers due to poor home inventory record keeping

Disputes over proof of ownership, and a lack of clear inventory management, mean that on average insurance payouts are only 44%1 of what Households believe they have actually lost. The ‘Insurance Gap’, which is the difference between what your contents are insured for and the actual value of those items, is £3,400 per household2. This leaves many valuable items under-insured. In a survey, 80% of UK Households admit they have no idea how much their items are worth; with gadgets like mobile phones and laptops commonly over-insured because these items quickly depreciate in value.3

Snupps helps users track and manage the stuff they own and cherish through an intuitive and visual iPhone, iPad, Web experience. It is a free application that helps people easily and accurately capture images and records right from their mobile device. Simply take a picture of an item, add details - such as a receipt, valuation certificate etc. and then organise those items on virtual shelves. Snupps announces today the release of private sharing features that enable users to transfer records exclusively with their insurer, appraiser or peers. Items can be shared via PDF, CSV or via a number of online channels.

Richard Wells, CEO of Calico Properties, a UK Property Development and Management Company, has been using Snupps to keep track of the inventory in his rental properties in South West London; “Snupps is a simple way to visually keep track of inventory. I especially like how I can add images of receipts and warranties for replacement purposes.”

Snupps Founder Sari Anabtawi said, “The inspiration for Snupps came when I lost key valuables while in transit. I was struggling to gather the details needed to prepare a claim. The whole process made me realize a deeper connection I had with the stuff I own.”

Here are five simple steps to home insurance sanity that users can start doing today:

  1. Group your things. Group your things into logical categories: by location (room; garden; house); or by type (art; furniture; jewellery; electronics)
  2. Capture key details. Photograph each item and document a brief description, including age, purchase data and price and estimated current value. Include images of original sales receipts, appraisal documents, model and serial numbers.
  3. Store it safely. Store it safely on online (on Snupps) and outside your home.
  4. Keep it updated. Photograph and add records about each new item you purchase. If you encounter any loss, quickly document the evidence: take photos of any damage; don’t remove damaged items until your insurer sees them.
  5. Keep your insurer updated. Send your up-to-date inventory documentation to your insurer via PDF, CSV or CSV with images.

1 http://www.policyexpert.co.uk/insurance-blog/insurance-revealed/how-much-did-the-big-insurers-pay-out-in-claims-last-year/

2 http://www.yourmoney.com/your-money/news/2216406/brits-set-to-lose-out-in-gbp3-000-under-insurance-gap

3 http://www.easier.com/108092-brits-set-to-lose-out-in-3000-under-insurance-gap.html

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