Most homeowners know they should make a videotape or take pictures of their possessions to document what they have, just in case the worst should happen.
But they still don't do it.
Aaron Davis was one of those people, until lightning struck — figuratively, of course — one day at his insurance agent's office.
"I overheard a conversation she was having with one of her clients where she was going to hire a photographer as a side job to go out to this person's house and take four pictures of this person's house for $600," Davis said.
"I thought of the concept and decided there's got to be a better way to do that."
Davis thinks he has that better way. In February, he founded Image Claim, an asset recovery planning company at 4527 S. 2300 East, No. 105.
Davis has a background in marketing and advertising, so he was used to figuring out what differentiates one business from another. When researching his idea he discovered, he said, that the majority of homes are underinsured because their owners do not have a complete inventory of the home's assets.
And considering the recent spate of natural disasters, like Gulf Coast hurricanes and Midwest tornadoes, it becomes clear why having such a list is important, he said.
"Less than 1 percent of the population has done an inventory of this sort," Davis said. "Those who do, if they do have to file a claim, they get at least a 20 percent increase."
He said he and his two partners talked to claims adjusters and attorneys to see what information they need when dealing with insurance claims or, increasingly, with settling estates. Based on what they learned, they developed a process for documenting possessions.
First, they do an initial consultation with a client, discussing Image Claim's services and how much they will cost, usually based on the size of the structure and what's in it.
"That gives us the opportunity to sit down with the homeowner or business owner and find out what their needs are," Davis said. "We walk them through the process. They need to gather receipts, other information and appraisals. If they need things appraised, we work with a network of appraisers that can come in and help with valuations."
Once all the paperwork is ready, Davis and his partners visit the home and start videotaping and photographing its contents. Documenting all the possessions in a typical, 2,500-square-foot home takes four to five hours, he said.
The company, which Davis said is fully licensed, insured and bonded, then offers a couple of options for storage of the information.
"We have secure databases and safety deposit boxes that, upon their request and for a small fee, we can keep the information securely stored," he said. "Or, we can hand all the information over to them. We do have safeguards in place to make sure that their information doesn't get into the wrong hands."
And even though most people have the cameras they need to do such an inventory themselves, Davis said Image Claim's business has taken off during its first few months.
"It's one of those things that, we all have really busy lives," he said. "It inevitably gets put on the back burner, because (we think,) 'Nothing bad is going to happen to me.'
"It all makes sense to everybody, and they say they're going to do it. But as I went through this, I finally did my own house and found out I was underinsured."
Davis said companies on the East Coast offer similar services, but he has not run into many in the Intermountain West. That — and a continuing string of natural disasters — makes him think expansion is likely.
"We live on the Wasatch fault here, and it's not a matter of if, but when (an earthquake occurs)," he said.
"Some of the most interesting conversations we've had were with disaster recovery people. . . . When they go in, they see it all the time, people's houses have been completely destroyed, and they're just stuck. One item left unaccounted for could more than pay for this service, if you think about it. If you had to do an inventory by memory today, could you remember everything? There's no way."
E-mail: gkratz@desnews.com