Fischbein Insurance

You are here: Home / Archives for Theme 14

By Leave a Comment

Taking Home Inventory

You never know when a disaster may strike—but you can be prepared with a home inventory.

This software will help you create a room-by-room inventory of your personal possessions. Having an up-to-date home inventory will help you:

  • Purchase enough insurance to replace the things you own.
  • Get your insurance claims settled faster.
  • Substantiate losses for your income tax return.

You can always simply make a list in a notebook and save receipts and photos in a file. This software, however, should make this task fun and simple. More importantly, with the click of your mouse, you can update this list as you buy or eliminate personal possessions.

GETTING STARTED

There are many ways to create a home inventory. It may seem hard at first to record information about everything you have in your house, but don’t let that put you off. First, decide on a way to make an inventory that works for you. You can do it room by room, category by category (furniture, electronics, etc.), from newest items to oldest or from most expensive purchases to less expensive ones.

TAKING INVENTORY

There are different ways to making your list. You can write everything down in a notebook, for example. Or you can take pictures, writing information on the back of the photos or put information on your computer. If you have a video camera, you can walk through your house filming and describing the contents at the same time. If you have a personal computer, you can sign-up for free online software that makes creating and keeping a home inventory easy at www.KNOWYOURSTUFF.org

Keep receipts when they are available and note the cost for the item, when you bought it and other information about the make and model.

Expensive items like jewelry and art work may need to be insured separately. Ask your insurance agent whether you need a floater for your homeowners policy.

Store a copy of your inventory in a safe place outside of you home—with a friend or in a safe deposit box. (If your inventory is electronic, store it on a disk.) That way you’ll be sure to have something to give your insurance representative if your home is damaged. Also, whenever you make a significant purchase, remember to add the information to your inventory while the details are fresh in your mind.

BIG TICKET ITEMS

Make note of expensive items, such as jewelry, furs, and collectibles. Valuable items may need separate insurance. But, don’t forget more commonplace items such as toys, CD’s and clothing.

TAKING PHOTOGRAPHS

Along with the written information, consider adding photographs of your possessions, which can be done easily with a digital camera. Those with film cameras can scan printed photographs or have their film developer save the images to a disk. You can always simply store your print photographs with a copy of your inventory.

VIDEOTAPE IT

Walk through your house or apartment videotaping the contents. Remember to open drawers and closets. One advantage of videotape is that you can narrate what you are filming.

MAKING LISTS

In some case, items below are listed by the room in which they are most likely to be found. In other cases, they are grouped together by category. For many items like books, CDs, sheets or pots and pans, you can make a general estimate of how many you have and their estimated value.

HOME INVENTORY

You can refer to the following lists to help create your inventories. Write a brief description of the item including when and where it was bough and its make or model number.

GENERAL APPLIANCES

  • Televisions
  • VCR/DVD player
  • Video camera
  • CD player
  • Stereo equipment
  • CDs, records
  • Radios
  • Sewing machine
  • Cameras
  • Answering machine
  • Phones
  • Washer/Dryer
  • Air conditioners
  • Heaters
  • Fans
  • Vacuum cleaner
  • Exercise equipment

GENERAL HOUSEHOLD

  • Carpet/rugs
  • Window treatments
  • Bookcases
  • Chairs
  • Lamps/light fixtures
  • Clocks
  • Mirrors
  • Vases
  • Collections (coin, stamp, etc.)
  • Pictures/wall hangings

LIVING ROOM

  • Sofa
  • Chairs
  • Coffee table
  • End tables
  • Entertainment center/wall units
  • Piano/other musical instruments

DINING ROOM

  • Buffet
  • Table
  • Chairs
  • China cabinet
  • China
  • Silverware
  • Crystal
  • Table linens
  • Tea/coffee sets
  • Serving table/cart

BEDROOMS

  • Beds
  • Bed Linens
  • Dressers/Chests
  • Dressing Tables
  • Night tables

CLOTHING

  • Shoes
  • Coats
  • Furs
  • Suits
  • Dresses
  • Sweaters
  • Sports Apparel
  • Shirts
  • Skirts
  • Jewelry

KITCHEN

  • Table
  • Chairs
  • Refrigerator
  • Freezer
  • Stove
  • Microwave Oven
  • Oven
  • Dishwasher
  • Coffee makers/other small appliances
  • Pots/Pans
  • Dishes
  • Glasses
  • Kitchen Utensils

BATHROOMS

  • Hair dryer/other electrical appliances
  • Scale
  • Shower Curtains
  • Towels

HOME OFFICE/STUDY/DEN

  • Desk
  • Chairs
  • Sofa
  • Computer
  • Printer
  • Scanner
  • Fax Machine
  • Books
  • Tables
  • Business Supplies

GARAGE/BASEMENT/ATTIC/SHED

  • Furniture
  • Luggage/Trunks
  • Sports Equipment
  • Toys/Outdoor Games
  • Bicycles
  • Small Boats
  • Trailers
  • Lawn Mower
  • Snow Blower
  • Shovels
  • Sprinkler/Hoses
  • Wheelbarrel/Other Garden Tools and Supplies
  • Ladders
  • Work Bench
  • Carpentry Tools/Supplies
  • Holiday Decorations

PORCH/PATIO

  • Garden Chairs
  • Garden Tables
  • Umbrellas
  • Outdoor Cooking Equipment
  • Planters
  • Jacuzzi

Source: Insurance Information Institute, “Taking Home Inventory” iihs.org website. Accessed June 2, 2014. http://www.knowyourstuff.org/iii/viewOnlyNoLogin.html?page=front_take

© Copyright 2014 intouch Business, Inc. All rights reserved. Certain names and articles used with permission of owners. Trade names mentioned herein are owned by third parties.

By Leave a Comment

Floaters and Endorsements: Special Coverage for Valuables

A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism.

However, there are special limits of liability for certain items, meaning that the insurer will not pay more than the amount specified in the policy. One important limit is for the theft of jewelry. To keep coverage affordable because jewelry can be easily stolen, the standard policy has a relatively low limit of liability for theft, generally $1,500.

If you own valuable jewelry or other items that would be difficult to replace, there are two ways you can increase coverage: by raising the limit of liability or “scheduling” your individual pieces through the purchase of “floater” policies. Raising the limit of liability is the cheapest option; however, there may be a limit on the amount you can claim for the loss of any individual piece, say $2,000, when the overall limit is $5,000.

Scheduling each piece or item may cost more in premiums, but it offers broader protection because the floater covers losses of any type, including accidental losses—such as dropping your ring down the drain of the kitchen sink or leaving an expensive watch in a hotel room—that your homeowners insurance policy will not cover. Before purchasing a floater, the items covered must be professionally appraised. The cost of this service varies depending on where you live.

Source: Insurance Information Institute, “Floaters and Endorsements: Special Coverage for Valuables” iihs.org website. Accessed June 2, 2014. http://www.iii.org/individuals/homei/hbs/floater/

© Copyright 2014 intouch Business, Inc. All rights reserved. Certain names and articles used with permission of owners. Trade names mentioned herein are owned by third parties.

By Leave a Comment

Floaters & Endorsements: Special Coverage For Valuables

People_ThiefA standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism.

However, there are special limits of liability for certain items, meaning that the insurer will not pay more than the amount specified in the policy. One important limit is for the theft of jewelry. To keep coverage affordable because jewelry can be easily stolen, the standard policy has a relatively low limit of liability for theft, generally $1,500.

If you own valuable jewelry or other items that would be difficult to replace, there are two ways you can increase coverage: by raising the limit of liability or “scheduling” your individual pieces through the purchase of “floater” policies. Raising the limit of liability is the cheapest option; however, there may be a limit on the amount you can claim for the loss of any individual piece, say $2,000, when the overall limit is $5,000.

Scheduling each piece or item may cost more in premiums, but it offers broader protection because the floater covers losses of any type, including accidental losses—such as dropping your ring down the drain of the kitchen sink or leaving an expensive watch in a hotel room—that your homeowners insurance policy will not cover. Before purchasing a floater, the items covered must be professionally appraised. The cost of this service varies depending on where you live.

Source: Insurance Information Institute, “Floaters and Endorsements: Special Coverage for Valuables” iihs.org website. Accessed November 24, 2015. http://www.iii.org/individuals/homei/hbs/floater/

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

By Leave a Comment

Five Tips To Help Protect Your Jewelry

The first thing you should think about after buying a piece of jewelry is to make sure it’s insured against loss, damage, or theft. Here are five tips to help you protect your investment:

  1. Check with your insurance agency to find out whether expensive jewelry is covered under your existing policy — they may only cover it up to a certain amount and not the entire replacement cost.
  2. Have your jewelry inspected on a regular basis. This can prevent loss of loose stones, faulty clasps and worn prongs. You can update your appraisal at the same time.
  3. Don’t make it easy for burglars and others in your home to find your jewelry. Protect your jewelry and other precious possessions by securing it in a safe or a hiding place in your home. Consider storing barely worn jewelry in a bank safe deposit box.
  4. Take a home inventory to help get your insurance claim settled faster and more accurately.
  5. Insure your jewelry to assure that you can replace it if it is lost, stolen, or damaged.

© Copyright 2014 intouch Business, Inc. All rights reserved. Certain names and articles used with permission of owners. Trade names mentioned herein are owned by third parties.