Mar 17 2010
Will I lose everything?
Does my insurance really cover me? Hurricanes, tornadoes, wildfires, flooding, and other unexpected disasters can leave you homeless. But I’m insured you say. Many are finding that although they have insurance, they either did not have coverage or did not have adequate coverage for what happened to their homes and possessions. What to do? Here’s some help.
Now is the time to determine whether you have adequate coverage. You need to document original cost, replacement cost and ownership. You need to have copies of receipts, photographs or video of your possessions and keep everything up-to-date. It’s easy to walk through every room, closet, and storage with a video camera. Narrate as you go.
- American Red Cross Disaster Planning
- FEMA (Federal Emergency Management Agency) Guide to Citizen Preparedness
- FEMA Guide to Disaster Information
- Be prepared for evacuation: Have an evacuation plan in place.
- I previously posted a list of 10 essentials to have ready in case of evacuation.
- Make a list of your questions and ask your insurance agent.
- The Insurance Information Institute has free software downloads to help you accomplish these tasks.
- Know Your Stuff: free home inventory software [Windows or Mac]
- My Financial House: free financial inventory software [Windows only]
- Read about Insurance Catastrophe Issues.
- Note to Renters: You must have renter’s insurance for your personal furniture and possessions. Your landlord’s insurance covers the building(s), not your possessions. You need to perform the same inventories as homeowners.
