Wildfires, hurricanes, flooding, tornadoes – disasters of all kinds strike everywhere in the U.S. That’s why it is so important to make sure your insurance needs are in order, especially when it comes to your homeowners’ or renter’s policies. How much and what types of insurance you need are decisions best left between you and your agent, but there are other issues related to the mitigation of disasters that you can take care of yourself. This article will outline some of those steps.
It’s been a motto of the Boy Scouts from the beginning more than 100 years ago, but it bears repeating in practically every area of life. The best way to prepare for the occurrence of a disaster is to have a plan for when it happens. Start with an inventory of your home. Once it is complete, store it away in a safe place, preferably somewhere that is away from your home. Be sure to include information such as the make, model, serial number, purchase price, and the date of purchase for each item. If possible, attach copies of receipts for major purchases with your inventory. If you have possessions such as jewelry and art, get these appraised to insure them. This is one of the most important steps you can take to ensure your financial future, since an inventory can tell you exactly what was in your home when the disaster occurred.
Other things you will want to have with your disaster preparation checklist include:
- An updated home inventory, include photos, appraisals and receipts of any new purchases and stored copies of it in a safe, remote location?
- Copies of your insurance policy with contact information for your insurance agent and company with your inventory?
- Whether your insurance policy includes replacement cost or the actual cash value (ACV) for losses?
- Whether you need a separate flood insurance policy?
- Talk with your agent to make sure you have neither too much or too little homeowners or renter’s insurance
Be prepared, before and after a disaster. Laws vary from state to state. Be sure to check the laws and discuss them with a representative of the Ty Lawrence Insurance Agency.