1. Reviewing you have adequate coverage for your home and its contents

2. Taking a home inventory of your contents

3. Keeping your home properly maintained

Review your homeowners policy

Examine your homeowners coverage to determine if you need to revise your policy to reflect any improvements or changes that will affect your coverage needs.    Contact Rich Insurance Agency, Inc to review you have adequate coverage reasonable for your needs.

• Rain, hail, lightning and tornado damage are generally covered in a standard homeowners policy.
• Since flood insurance is not included in routine homeowner  insurance policies, now is the time to check on the necessity and availability of flood insurance in your area.
• Does your policy cover flooding from sewer backups or sump pump issues?

Conduct A Home Inventory

Compile a detailed written inventory of your home and belongings and supplement that inventory with a videotape or photographs. Keep the inventory off-premises in a safety deposit box, or other secure location.  Learn more about how to conduct a home inventory here.

Conduct Your Spring Maintenance

Keeping your home properly maintained can help reduce the risk of a loss and help ensure the safety and well being of family and friends.  Here are some maintenance tips for the spring season:

• Open your fireplace damper for improved air circulation to postpone turning on your air conditioner. However, be sure to close it when you decide to turn on the air conditioner.
• Inspect your smoke detectors. Make sure that there is one on each floor of your home. Test them and change the batteries at least every six months, when you change your clocks.
• Check the light bulbs in all your fixtures to be sure that they are the correct wattage as recommended by the manufacturer. · Replace lamps that use high-producing bulbs (such as halogen) with those that use fluorescent bulbs and operate at much cooler temperatures.
• Check your electrical outlets for potential fire hazards such as frayed wires or loose-fitting plugs. Be sure not to overload electrical outlets, fuse boxes, extension cords or any other power service.
• Keep a multipurpose fire extinguisher accessible that is filled and ready for operation.
• Have your air conditioning system inspected by a professional as recommended by the manufacturer.
• Check for damage to your roof, and clean gutters and downspouts to keep debris from accumulating.
• Check doors and windows for leaks and drafts. Seal these to prevent mold.
• Check your water heater for leaks and corrosion, and keep surrounding area clear.
• Caulk cracks in bathroom tile.
• Clean the clothes dryer exhaust duct and space under the dryer. Remove all lint, dust, and pieces of material or cloth.
• Inspect washing machine hoses and replace hoses that show signs of wear or leakage with stronger reinforced hoses. Turn off the water when not in use to prevent water damage if a hose breaks.
• In your yard, remove all dead trees and keep healthy trees and bushes trimmed and away from utility wires. Do not attempt to remove tree limbs from power lines yourself. Instead, call your power company to request assistance.
• Safely store oil and gas for lawn equipment and tools in a vented, secured area.
• Repair driveway and walkways that are cracked, broken or uneven to provide a level-walking surface.

Is it time to review your insurance policies?
Call Rich Insurance Agency, Inc. 703-777-4415 or schedule on-line today!

1. Top off your levels.

• Fill your gas tank and add a fuel preservative. The full tank keeps out moisture, and the preservative keeps the gas from breaking down. Take one last drive to circulate the preservative.
• Make sure your antifreeze is fresh and topped off.
• To avoid a nasty sludge in the spring, change the oil

2. Take preventative measures.

• Give your car a good wash and wax to protect the paint. Protect the chrome with wax or paint sealant.
• Over-inflate tires to avoid flat spotting, or jack up the car to take pressure off the tires.
• Put a battery manager on your car.
• To prevent rodents nesting in an engine compartment, try a rodent repellent under the hood. Just remember to remove it before starting up.
• Put down a few moisture pads on the upholstery to absorb moisture and prevent mildew.
• Cover the car with a breathable car cover to prevent corrosion and rust.

3. Re-circulate your oil.

When a car sits, oil settles into the pan, leaving the engine without lubrication. Disconnect the coil wire and crank the engine over several times. Reconnect the coil wire and you should be good to go.

1. Secure loose shingles, shutters and downspouts and fix any other problems that may become worse in high winds and heavy rain.
2. Remove antennas from roof
3. Pick up items that are lying loose near your home that may be blown into your or your neighbors house.  These might include patio furniture, gardening equipment, play equipment, landscaping decorations, signs or other items that are not secured.
4. Close and lock all windows. Draw the blinds or drapes.Put together an emergency supply kit and be sure to include a flashlight, battery-powered radio, extra batteries, first aid kit, non-perishable food and water that can last several days.
5. Park your car in a garage if possible and away from large trees
6. Homeowners should also contact their insurers to make certain that their current coverage offers adequate protection in the event a storm hits. In particular, consider whether your policy covers flood or water damage and whether it will fully cover any necessary rebuilding costs. Homeowners should also prepare a list of their belongings to present to the insurance company in the event that their home is seriously damaged.

Typically being at-fault plays a large part in how one’s rates change after an accident, but this may not always be the case. If a motorist is involved in many different collisions over a relatively short period of time and was not considered to be the cause of the incident, an insurer may consider them to be at a higher risk of being involved in another collision and raise premium prices. Similarly, even if a person lives in a no-fault state rates can still increase as a result of filing a claim.

To avoid any inflated rates as a result of an accident or having to change insurance providers altogether, motorists should practice safe driving techniques at all times. In order to assist in doing so, places such as the Insurance Institute for Highway Safety and Center for Auto Safety publish various Automobile Safety Resources in order to ensure that motorists everywhere learn as much as possible about how to avoid accidents and remain safe while traversing the open road. So although accident almost always affect auto coverage premiums in some way or another, there are measures that can be taken to once again decrease prices, and preemptive measures which can be practiced to avoid such situations entirely.

• Contact your insurance professional immediately
  Let your agent or company representative know that you are now in possession of an expensive piece of jewelry. Find out how much coverage you have and if additional insurance is needed.
  
• Have the item appraised
  Heirlooms and antique jewelry will need to be appraised for their dollar value. Ask your insurer for recommendations regarding a reputable appraiser. It is important that expensive items be appraised properly—if you purchase additional insurance, you will pay the premium based on the appraised value, and in the event of a claim, will be compensated for this dollar amount.
• Keep a copy of the store receipt
  Forward a copy of the receipt to your insurer so that the company knows the current retail value of the item. Keep a copy for yourself and include it with your home inventory.
• Store valuables in a secure location
  Protect your jewelry by storing it in a secure location in your home. If you do not plan to wear the item regularly or are holding it for a child, consider keeping it in a safe deposit box. You may save money on the cost of insuring it, as some companies offer ‘in vault’ coverage. If you want to wear the jewelry for a special occasion, many insurers will offer the option of purchasing additional coverage for the time it is out of the bank. You would, of course, have to notify your insurer ahead of time.
• Update the value of your jewelry
  Expensive items can go up or go down in value. Talk to your insurance professional about how to make sure the dollar amount of your floater or endorsement reflects these changes. Prices for floaters and endorsements will vary depending on the type of jewelry, the insurance company you choose, where you live and where the item will be kept.
• Take a picture of the item
  Get into the habit of keeping a visual record of all of your personal possessions. This helps to document your loss and speed up the claims process. It is also useful to document antique and unusual pieces of jewelry.
• Add the item to your home inventory
  Everyone should have an up-to-date inventory of their personal possessions. An inventory can help you purchase the correct amount of insurance and speed up the claims process when there is a loss. The I.I.I. has created free, online software, Know your Stuff® – Home Inventory, to make creating a home inventory easier. You can also add a digital photograph of your new gift and save scanned receipts. Computerizing your inventory makes updating easier and more efficient.

1. When your policy comes up for renewal.

While it is tempting to pay the renewal bill immediately, this is a perfect time to review your insurance policy.   The Rich Insurance Agency, Inc. will contact you each year around the mid-point of your policy year.  At that time we like to review your automobile policy and your homeowners policy.  We will also offer to review your life insurance.  What is all this attention to insurance reviews?  All insurance is not the same and insurance companies are constantly trying to invent new coverage to protect you from evolving changes that are occurring constantly in your everyday lives.  At renewal time think “Is there something I need to speak to the Rich Insurance Agency, Inc about?” before putting the policy away.  If you think of something contact us to discuss your situation.  This simple practice will mean you have reviewed your  homeowners twice each year and your auto and life insurance once a year.

2. When you make major purchases or alterations to the home.

Building that new deck? Just purchased a big screen TV? Next step is to call Rich Insurance. Making new purchases or adding improvements to your house is usually a great time to look at your home insurance policy. A perfect example of a major improvement includes adding or expanding a room, such as a kitchen or bathroom.

Additionally, if you or a member of your family has received an expensive gift, such as artwork, a computer or even an engagement ring, contact Rich Insurance so we can review to make sure your new valuable possession is protected.

The housing market has been in a turmoil.  A large percentage of homes are not properly insured for replacement value.  Replacement value may well be above what you are told your home is worth in today’s market.  You need to be insured for 100% replacement value to reconstruct your home.  The value of your contents is based on a percentage value of your home structure value.  Under insure your structure and you have under insured your contents.  Insurance adjusters tell us that they run into problems trying to come up with enough contents coverage on many losses.

3.  When you buy a another car or need to add or remove a driver to your auto insurance policy.

Contact Rich Insurance Agency Inc immediately to get your new car and or new driver covered.

With the current hard economic times more people than ever are driving uninsured or have minimum limits. You need to be sure your limits take this into consideration. Do you have an Umbrella liability policy? Does your Umbrella go over your Uninsured and Under insured Motorist coverage?  Discuss this with your Rich Insurance Agency, Inc. agent during your review.

4.  When a major life change occurs.

Contact us to discuss new coverage needs due to:   getting married or divorced; if you retire;  the addition of a new family member through birth or adoption of a child or grandchild; taking on the financial responsibility of an aging parent; purchasing a new home or refinancing your existing home; purchasing or investing in a business;  you have a loved one who requires long-term care; or you are coming into an inheritance.

Is it time to review your insurance policies?
Call 703-777-4415 or schedule on-line today!

]]> http://richinsurance.com/2011/02/why-do-i-need-to-review-my-insurance-policy/feed/ 0 http://richinsurance.com/2011/02/does-homeowners-insurance-cover-my-jewlrey-and-other-valuables/ http://richinsurance.com/2011/02/does-homeowners-insurance-cover-my-jewlrey-and-other-valuables/#comments Fri, 11 Feb 2011 00:08:07 +0000 admin /?p=1221 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 the perils included in your policy such as fire, windstorm, theft and vandalism.

• 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.    There are also free software programs to help you.   Here are just a couple that we might suggest:

• Know Your Stuff  – Home Inventory
• All My Things – Home Inventory

Where do I start?
If you have been setting up a household, starting a home inventory can be relatively simple. You could even attach recent wedding registries to substantiate new possessions. But, if you have been living in a house for many years, this task may seem daunting. If you set aside an afternoon and get your entire household involved, it can be an enjoyable experience. It is much easier to document your possessions before you suffer a loss from a fire, hurricane, burglary or other disaster.

• Write it down
  List your possessions, describing each item and noting where you bought it and its make and model. Clip to your list any sales receipts, purchase contracts, and appraisals you have. For clothing, count the items you own by category — pants, coats, shoes, for example –- making notes about those that are especially valuable. For major appliance and electronic equipment, record their serial numbers usually found on the back or bottom.

• Big ticket items
  Valuable items like jewelry, art work and collectibles may have increased in value since you received them. Check with your agent to make sure that you have adequate insurance for these items. They may need to be insured separately.
• Take a picture
  Besides the list, you can take pictures of rooms and important individual items. On the back of the photos, note what is shown and where you bought it or the make. Don’t forget things that are in closets or drawers.
• Videotape it
  Walk through your house or apartment videotaping and describing the contents. Or do the same thing using a tape recorder.
• Storing the list, photos and tapes
  Regardless of how you do it (written list, floppy disk, photos, videotape or audio tape), keep your inventory along with receipts in your safe deposit box or at a friend’s or relative’s home. That way you’ll be sure to have something to give your insurance representative if your home is damaged. When you make a significant purchase, add the information to your inventory while the details are fresh in your mind.

In determining whether or not you need renter’s insurance, the questions you need to ask yourself are:  How much would it cost to replace my belongings if they were damaged or stolen? And can I afford to replace them? Depending on your answer, renter’s insurance may be an easy choice, providing you with the protection you need. Either way, it’s reassuring to have the peace of mind that comes from being protected.

It’s recommended that you take an inventory of your personal items before purchasing renter’s insurance. This can be done by video taping or photographing each room of your house. It is important to keep all receipts for any major purchases  in a fireproof safe or safety deposit box.

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Once your mortgage is paid off, no one will force you to buy homeowners insurance.  However, it is not advisable to cancel your policy and risk losing what you’ve invested in your home.