Do you know what you've got in your house and its precise value?
Angie Rada thinks most people wouldn't know enough details to satisfy insurance companies if they ever were to file for a loss-claim.
The Pasco entrepreneur recently started a business to help home and business owners create an inventory of their belongings.
Her home-based DNA Inventory Services makes a detailed listing of customers' possessions together with photos and videos. Rada's company also can store the information digitally at a secure location and make it available when needed.
Often when people buy a home and are advised by their insurance agents to document their property and assets, they tell themselves they will do it soon. But few seldom actually make a record of their tangible assets, she said.
Documentation would help home and business owners remember if they need additional coverage in their insurance policies, or in the worst circumstances, help them get their claims processed relatively quickly, said Rada, 35, who previously worked in construction, travel and insurance businesses.
Having an insurance policy is not enough, she said. Often basic insurance policies offer standard compensation for high-value items such as precious jewelry or a gun collection unless you buy additional protection, she said.
Asset documentation also is useful for estate planning and settlement, divorce and prenuptial agreements, sale or purchase of a business and applying for a business loan or line of credit, Rada said.
She said she painstakingly documents the details of items customers want a record of. That includes taking pictures and videos of rooms and all they contain. She also notes down model/serial numbers of electronic items and scans receipts.
For a fee that ranges from $99 for a one- to two-bedroom apartment to $300 for a 1,500-square-foot home, customers get detailed printed reports in a leather portfolio along with a CD and a DVD.
Rates depend on the size of the property and the scope of the project.
"We like what Angie is offering," said Jeremy Gray, an agent with Harvey-Monteith Insurance. "It'll help our clients," he said. Gray said he doesn't know if anyone else is offering the service locally.
Rada said she got the idea to start her business after reading a book and realizing that no one else in the Tri-Cities offered such services.
For more information about Rada's business, go to www.dnainventoryservices.com.
w Pratik Joshi: 582-1541; firstname.lastname@example.org; Business Beat blog at www.tricityherald.com