Taking care of your property doesn’t start and end with acquiring property insurance. You should always make a property insurance inventory list. That way, if an unfortunate event occurs, you and your insurance company will have an accurate and detailed inventory of your possessions. This will also help the insurance company to give you a more accurate replacement value for your personal property. The first step is to list down everything you own, starting from the most valuable such as jewelry, furniture, etc. Take pictures and make a video of your inventory as well. This will help to validate your claim. It’s easier to claim that you have a 2-karat diamond necklace if you have a video and photo of it. Next, make an estimate of how much these items cost. Keep it real, and don’t forget that some items can appreciate in value while some items depreciate. It would also help if you keep the sales receipts of the items you’ve bought. Finally, store your inventory list, along with the photos and videos, in a safe place, away from your home. You can also give a copy to your insurance agent for safe-keeping.
03
Jun
2008
Security, Tips
Insurance is one of the factors you should consider when you decide to have your home rented since rental owners have some unique insurance needs.
A policy is designed to meet the needs of rental property owners. Commercial insurance can actually sell you a policy that is mainly on rental property though there are a lot of variations among rental property policies. The others only insure the property on the actual cash value basis. Some can also provide you with the replacement cost. There are also some policies that only provide the coverage for one or two incidents while the others have a wider coverage. You may look around to find the policy that gives you the complete coverage due to the variations stated above.
by: Christine Zafra
Home insurance companies as private firms can do something in building a stronger nation. How? They can help government institutions dealing with housing projects/construction projects. They can offer lower policies for people working in the government that will best fit their wage/salary. In this case, the selective marketing of insurances will expand providing more services to people who are not that rich. People who cannot afford large amounts of policy agreements will now have access of ensuring their homes. With this, people will have security and investments at the same time for a lower cost.
They are being served by the government, maybe it is about time that they also get the feeling of being served by private firms, specifically concerning their personal properties.
Photo taken from http://listencarefully.net
by: Christine Zafra
Do you find fireplaces romantic? Oh yes, imagine your hubby/wife with you on a cold Christmas eve, drinking wine in front of the fireplace. Isn’t that sweet?
Though fireplaces give you benefits during cold seasons (aside from the fact that it adds to the ambiance of your home), insurance companies might raise their eyebrows and question you about it. Before you can install a fireplace (or any other wood burning appliance), you need to get a permit. You can’t just get a hammer and chip off a part of your house so that you’ll have a fireplace this coming Christmas—there’s a building code for that. If your wood burning appliance does not comply with the code, chances are, you can say goodbye to your insurance too (or if you’re lucky enough, just get your house a little devalued).
Photo taken from http://www.germes-online.com
by: Christine Zafra
Old homes are fortunes. Those old Victorian style houses you see around plush villages that date back around 1800’s are worth millions. But, if you think these houses can get as much in insurance companies, you’re wrong.
I’m not saying all old houses are valued little by insurance companies, but chances are, if these houses have the old “knob and tube” wiring system, then yes, insurance companies may lessen the value of your home.
The knob and tube is an open wire type of wiring. In addition to that, old homes do not have much electrical boxes installed in their homes. What most owners do is they attach new electrical boxes to the old ones. This is hazardous according to insurance companies since this can cause overheating, short-circuit and on extreme cases, fire.
Photo taken from http://images.oldhouseweb.com
by: Christine Zafra
Aluminum wiring was widely utilized in some homes about four decades ago. However, some problems have been associated with these handy, ready made electrical insulators such as, overheating and failure of some of the electrical boxes; and these problems are covered by home insurances. Some signs of faulty aluminum wirings include the discoloring of the surroundings of the electrical boxes, the flickering of some bulbs or perhaps the smell of burning electric. These aluminum rods are said to be compatible to 220 volt circuits but not to the most widely used 110 volt circuits in the United States.
Some insurance companies, upon inspection of your home and upon discovery of these wires, can devalue your homes because of these.
Photo taken from http://www.copper-aluminum-wire.com