topic Re: 🏠 Home Insurance 🏡 in Community Chat

🏠 Home Insurance 🏡

Mz iMac — Sat, 28 Oct 2017 16:54:06 GMT

An informative article.....

Insurance doesn't always cover what you think it will

I emailed my trusted insurance agent and asked what calamities I’m protected against. In about two minutes I had some answers. I’m insured if tornados, a wind storm, or a fire (wild or otherwise), come into my life. But I’m not insured if we lose our home to a flood, war, or earth movements such as earthquakes and sinkholes. I can add earthquake coverage, but the only faults remotely near my home are my own.

And we aren’t covered for termites. Although natural and a disaster, termites are not a natural disaster

I’d never really considered that war could damage my home. My house wouldn’t be covered and neither would yours. It’s a sobering thought.

Knowing your coverage isn’t enough. You also need to take some rather crafty steps to ensure your insurance experience is surely what you want it to be.

To begin, grab your smartphone and do a walking inventory of your property. Make sure to give extended airtime to your most valuable possessions. I don’t care how addicted you are to likes, don’t post the video to social media. If you do, you might find yourself filing a theft claim. You should however consider emailing the video to yourself or keeping a backup copy in an online storage site. You might as well email a copy to your insurance agent while you’re at it.

Passports, vital documents, emergency cash, and whatever else feels crucial to have when faced with losing every possession you own, should go into a fireproof and waterproof box. Let’s call it “the box you hope you never need.” If a disaster knocks down your door, the box you hope your never need will slightly lessen the sting.

I don’t think anything can prepare you for losing everything you own, but taking a bit of the pressure off yourself only takes minutes. Sadly, the need for emergency plans isn’t limited to natural disasters. The death of a loved one, a job loss, or any other event in which your world is turned on its head, require you to solve seemingly unsolvable problems. Eliminating uncertainty is one way you can make these moments easier.

Take 10 minutes out of your busy day and secure some peace of mind. Email or call your insurance agent and run down the disaster list.

Take another 10 minutes and prepare the box you hope you never need. Insurance obviously can’t replace the memories lost, but knowing that you’ll have a financial partner in your effort to become whole again.

FULL ARTICLE LINK

Re: 🏠 Home Insurance 🏡

GCR18 — Sat, 28 Oct 2017 17:15:20 GMT

It is extremely important to know the details. I had my insurance lady walk through the home insurance policy a couple years ago. I was paying for a shed on the property. Don't have a shed now or ever. I plan to do the same with my mother's policies next month. She's paying a ridiculous amount for car insurance.

Re: 🏠 Home Insurance 🏡

depglass — Sat, 28 Oct 2017 17:29:40 GMT

Sobering thoughts, thanks for posting this. I remember after 9/11 that Suze Orman was going to come out with a box that was fire, water and bomb proof. Since she left QVC and I don't watch her on HSN I wonder if she ever did. I think the bomb thing stopped her. Anyone have ideas where to find a suitable box?

Re: 🏠 Home Insurance 🏡

Mz iMac — Sat, 28 Oct 2017 17:36:46 GMT

@depglass

You can find them just about everywhere. Check out your local PO, Staples, Best Buy, etc.

Re: 🏠 Home Insurance 🏡

Bri36 — Sat, 28 Oct 2017 17:40:53 GMT

We met with our agent a few weeks ago. We upped our coverage on personal property. She went through every policy and coverage with us. We were there a few hours.

It’s a sobering thought but very necessary

Re: 🏠 Home Insurance 🏡

Cakers3 — Sat, 28 Oct 2017 18:38:28 GMT

Good reminder. Thanks for posting.

Re: 🏠 Home Insurance 🏡

sgraham30 — Sat, 28 Oct 2017 21:34:32 GMT

I found out the hard way that sump pump failure & any water damage caused by the failure aren't covered by my policy, that's a separate rider that costs extra. It cost me $400 for a new sump pump, & $1200 to have a remediation company come out dry out my basement. Thankfully, it's an unfinished basement, the drying out was to prevent mold.

Re: 🏠 Home Insurance 🏡

SilleeMee — Sat, 28 Oct 2017 22:48:36 GMT

My house was struck by lightning this year. I lost thousands of dollars worth of electronics...all of my TVs, home theater, garage door opener, security alarm system AND MORE small and large appliances. The lightening travelled through my entire house wiring, wiping out anything that was plugged in. Not only the loss of those things but I had to get my house electrically inspected for possible wire damage in the walls and in the outlets. It was a possible fire hazard at that point. The inspection cost over a thousand dollars! Thank gawd my homeowners insurance covered the damages. It has a separate policy just for lightning.

I'm not done...turned out that my main breaker box WAS NEVER GROUNDED meaning my house could have gone up in flames. It is a wonder I am here to tell this story because I was in the house when the lightning hit. The electrician who inspected the wiring and found this wonderful news was having a major SMH moment.

Re: 🏠 Home Insurance 🏡

hckynut — Sun, 29 Oct 2017 01:47:01 GMT

Also read the fine print on the 100% replacement value. Details matter, we found out the hard way after being with the same company for close to 30 years. Have since changed companies.

hckynut

Re: 🏠 Home Insurance 🏡

Mz iMac — Sun, 29 Oct 2017 21:53:39 GMT

I keep a magnifying glass in my pocketbook just to read the "fine print" before I sign on that dotted line.

True story...

When it's lease signing time, the apt manager always schedules me during her "lunch" break.

I arrive at the office w/my magnifying glass, read all 50+ pages front & back of my new lease, ask questions, take notes all BEFORE signing on that dotted line. 99.9% of my questions has to do w/what is stated in the "fine print."

Whole process takes about 1 1/2 hours.

Re: 🏠 Home Insurance 🏡

alliswell — Sun, 29 Oct 2017 21:57:43 GMT

@Mz iMac wrote:
I keep a magnifying glass in my pocketbook just to read the "fine print" before I sign on that dotted line.

True story...
When it's lease signing time, the apt manager always schedules me during her "lunch" break.
I arrive at the office w/my magnifying glass, read all 50+ pages front & back of my new lease, ask questions, take notes all BEFORE signing on that dotted line. 99.9% of my questions has to do w/what is stated in the "fine print."
Whole process takes about 1 1/2 hours.

Wow

Re: 🏠 Home Insurance 🏡

Mz iMac — Sun, 29 Oct 2017 22:10:15 GMT

@alliswell

When I first started renting eons ago, my lease was 1 page. Now the thing looks like a War & Peace novel.

Re: 🏠 Home Insurance 🏡

Financialgrl — Sun, 29 Oct 2017 22:24:23 GMT

I just changed companies when I moved to the new house. I've always known about the flood thing bc I think that's the one that is only sold thru the government and it's also part of your settlement.

The thing about insurance - - even if you are covered, there seems to be some sort of catch 22 they can come up with if they want. Remember Hurricane Katrina - whether they paid or not was dependent upon which insurance company you had and if they made a determination if it was the wind or rain that did the water damage.

Also, not sure what it cost to replace the electronics if they get damaged; however, I know our electric company offers whole house protection for what I thought was a pretty nominal amount so that's another option that may be cheaper for that. Another I know you have to be aware - if your sewer backs up insurance usually won't pay unless you have paid for that as an item on your insurance.