Posts Tagged ‘homeowner’s insurance claim’

Important Steps to take if your Home is Damaged in a Storm

Friday, February 12th, 2010

The next time the wind is howling and the rain is pelting against your windows, you may be in for a big surprise, as often strong storms can lead to a damaged home.

Once the storm has cleared and you are able to clearly see the extent of the damage, you must act immediately so that you can be assured that you are covered under your homeowner’s insurance policy. In other words, if you delay filing a claim, you may be out of luck when it comes to recovering money for your damaged home.

Here are some helpful tips for taking care of business if your home becomes damaged by a storm:

  • Pull your homeowners insurance policy out and carefully read the policy’s terms and conditions so that you can be sure that your policy covers your specific type of damage. For example, a leaking rook would likely be covered, but a flooded basement likely would not.
  • Call in a contractor to assess the damage and provide you with a repair estimate. It is important to get a quote (or several, if necessary), so that you can make the determination regarding whether your damages exceed your policy’s deductible. In other words, it doesn’t make much sense to contact your homeowner’s insurance company and begin the tedious process of filing a claim if your damages amount to only a few hundred dollars.
  • Once you have received a quote, it is time to make a call to your homeowner’s insurance company. However, think hard about whether you want to make a claim, as this could potentially raise your homeowner’s insurance rates. In other words, if the damage is minimal and your homeowners insurance would only cover a few hundred dollars, you may be better off paying for the damages out of pocket and forgoing the process of filing a policy, as the increase in your homeowner’s insurance premiums will likely exceed the damage amount.
  • Don’t forget to take pictures of the damage and keep all receipts and repair paperwork so that you have a clear paper record of the damage and the subsequent repair.

How to Make a Home Inventory

Wednesday, January 13th, 2010

One of the best things you can do to protect your home’s assets and make sure that your homeowners insurance covers their replacement in case of a total loss, is to make a home inventory.

A home inventory is essentially a documented list of all of your home’s belongings; in particular, your furniture, electronics, appliances and home accessories. Without a home inventory, the process of making a homeowner’s insurance claim may be quite a bit more difficult and time consuming. If you have a comprehensive home inventory list, however, you can rest assured knowing that your home’s belongings are properly insured.

The easiest way to make a home inventory is to assemble a list of all of your home’s contents, from room to room. Keep receipts, assess their value and record the date of sale. It may also help to record the make and model numbers of your electronics and appliances.

It is also extremely helpful to make a recording or take pictures of all of your home’s assets. Then, keep your inventory and video recording or pictures in a safe place, such as in a safe or outside of your home, such as in a safe deposit box. Simply walking from room to room, recording each room’s contents, is usually the best way to make proper home inventory.

What to Include in your Home Inventory:

  • Televisions/VCRs/DVD players/Blue Ray players/stereos/Video cameras/Cameras
  • Washer/Dryer/Air Conditioner/Furnace/Heat Pump
  • Carpets/Area Rugs/Window Treatments
  • Lamps/Light Fixtures/Chandeliers/Clocks/Mirrors/Pictures/Art Work
  • Sofas/Chairs/Dining Room Furniture/Bedroom Furniture/Tables/China Cabinets/Entertainment Centers
  • Pianos and other Musical Equipment
  • Silverware/Crystal/China
  • Apparel/Shoes/Coats/Furs/Suits/Dresses
  • Jewelry (you may need a separate policy if your jewelry exceeds a certain amount)
  • Refrigerator/Stove/Freezer/Microwave/Dishwasher/Small Appliances
  • Office Equipment - File Cabinets/Computers/Printers/Scanners/Fax Machines/Business Supplies
  • Sporting Equipment - Bicycles/Golf Clubs
  • Outdoor Equipment - Toys/Luggage/Small Boats/Trailers/Lawn Mower/Snow Blower/gardening Tools
  • Tools - Power Equipment/Hand Tools
  • Antiques - In the case of antiques, it is often best to have them appraised for value and then to take out a separate homeowners insurance policy to ensure that their value is protected.