Design

Northeastern Hurricanes On The Horizon: Saturday's New York Times had a story about hurricane preparedness that I want you to see . The paper reminds you that, while it has been a long time since the Northeastern US has suffered a significant hurricane, the potential exists during every hurricane season, and the time to prepare against loss is now. Home Inventory is, of course, a part of the solution. A home inventory will help ensure that you have purchased enough insurance to replace your personal possessions. It can also speed the claims process and substantiate losses for income tax purposes. A detailed home inventory is also helpful should you need to apply for disaster aid. You may live in a place that is safe from hurricane damage. (Tennessee remains unscathed! Tornadoes are another story.) However, regardless of where you live, your risk of loss exists. It may come through natural causes like tornado, hurricane, or lightning. It could come through man-made causes l...

If it sounds too good to be true...: A Georgetown, SC man was recently charged with selling fake homeowners insurance policies. Not just falsely representing a company mind you, but selling policies that were imaginary and meaningless from start to finish. Apparently, the crime was discovered before any of the victims had to file a claim, so no serious harm was done. With this in mind, I give you... Top Ten Ways To Know Your Insurance Agent Is Selling You A Fake Policy: 10) You can't find a company listing for Big House Mutual Insurance company. 9) Your premium check was endorsed by someone named Joe Underwriter. 8) Your agent's business card has a picture of Wyle E Coyote in the corner. 7) The receptionist answers your phone call by saying, "Coyote Investments, Loans, Pawn, Firearms, and, oh yeah, Insurance. Can I help you?" 6) When your agent says his car is his real office, he does so without a trace of irony. 5) Your policy is handwritten on a Shoney's...

Two articles relating to the glut of collectibles available these days fill our page today. Not to go all Economics 101 on you or anything, but you'll remember that gluts, of course, are bad news for sellers but good news for buyers. You've heard the old saying, "The rich get richer, the poor get poorer." Never more true than these days, particularly in the antiques and collectibles market. If you are an investor with cash to spend, there are plenty of bargains out there. Miami Dealers Say It's A Buyer's Market: The Miami Herald is reporting that antiques dealers in and around that city have packed aisles and and are willing to negotiate. Monica Fidel, a personal-property appraiser in Miami, says this market is suffering just as much as others in the economic downturn but with a few quirks. The market is flooded with items, Fidel says, so the supply is much greater than the demand. Consumers aren't buying antiques or collectibles unless they have p...

Someone In Your World: Daren DiSantis of OfficialWire.com says that there are several advantages to having a local insurance agent, agreeing with me in the process. Local insurance agents care more about you as a person than anyone else in the insurance business. I'm not saying that because I dislike claims adjusters (quite the contrary!) or any other nonsense like that. I am saying it because your local agent is the person you deal with for your insurance questions and needs. An agent will tell you if some course of action you want to take is the right way to go. An underwriter won't tell you that, a claims adjuster won't, and actuary won't. Agents advise; other insurance people react. That's a significant difference, and if you are buying insurance through an 800 number, you aren't talking to someone who thinks the way you do. Farley Home Services strongly suggests that you have your own local insurance agent. In nearly every instance you can think ...

Home Inventory Video Suggestions: Meha Ahmad writes for Insurance Agents.com, and a recent entry of hers suggested that all of us complete a home inventory video of our belongings. Most of the claims adjusters that I know would like to tell Meha that they don't really want to watch home videos and that you will have to do that for yourself, but that's a topic for another day. Obviously, I believe a video is a poor substitute for a detailed home inventory provided by a qualified home inventory professional such as Farley Home Services , but it's sure better than nothing, and it's in that spirit that I provide the above link. This topic is so important (and neglected!) that any discussion of it is worthwhile in my humble opinion. Your home insurance claim process will run more smoothly if you get shots of every room, but more importantly, of every item in every room. Leave nothing undocumented. Open all the drawers, closets, storage units, cabinets. Slowly pan over ...

Gold Coins In The News: The Chubb Collectors summer newsletter is out and has a very informative article on collecting bullion, generic, and rare gold coins that I thought you might find interesting. Chubb Collectors is a great free publication and I would suggest you subscribe if you haven't already done so. Here' an except from the linked piece: Historically, when paper currencies are debased, investors and collectors often turn to precious metals as an alternative to traditional investments such as stocks and bonds. In recent months there has been strong demand for platinum, gold and silver coins and bars. Much of that demand has centered on U.S. and world gold coins. [emphasis added] Remember coin collectors, you need a special insurance coverage for your collection, separate from your homeowners insurance, called personal articles coverage. Gold coins are particularly ill-served by your homeowners policy. A Call For Home Inventory: Insurance guy Cliff Berman write...

Blogger Says You Need An Inventory: Mary E. Trimble says on her blog that "a home inventory can save you big money - and headaches - should tragedy strike." Here's more: The aftermath of a disaster is confusing and frustrating enough without trying to recall the particulars of your possessions. For items destroyed in fire or flood, a household inventory will help you remember what you had. Insurance adjustments are expedited more efficiently when information can be gathered from current documentation. I don't know much about Ms. Trimble, but I have to admit a certain fondness for her now! Public Adjusters In The Blogosphere: A public adjuster is a claims adjuster working free-lance, not employed by an insurance carrier. Public adjusters help individuals in contentious insurance claim settlements, but usually at a hefty price (10-15% of the final settlement). The (poorly written) Tampa Bay Real Estate blog discusses how public adjusters can help. Your insuranc...

State Farm Moves to Eliminate Florida Discounts: State Farm Florida, which will soon stop writing new homeowners insurance in the state, is now asking the legislature's permission to remove all the discounts that its remaining policyholders receive, giving those people what amounts to a significant rate increase. Clients receive discounts for such things as having your car and home insured by the same carrier, alarm systems, new plumbing and electrical wiring, hail resistant roofing, and the like. Those discounts, when taken in total, can reduce one's premium by roughly one third. State Sen. Mike Fasano, R-New Port Richey, called the filing an "outrageous" way of "going around the law" to raise premiums without a formal rate increase. " The insurance companies always seem to find a way to help themselves and neglect the homeowner," he said. [emphasis added] A Missed Opportunity: Bernard Madoff's personal property is being meticulously...

You Know Who You Are: Residents in Texas , North Carolina , Louisiana , and Florida can expect to pay higher property insurance premiums in the coming months. OK you geography buffs out there, what do these states have in common? Obviously, there is a lot of debate in these states about the inland (poorer) homeowners having to pay higher premiums because of the coastal (richer) risk, and while I tend to be on the side of the little guy whenever possible, I have to side with the coastal residents on this one. A major tenant (perhaps the major tenant) of insurance is the concept of shared risk. The best way to accomplish that in a property insurance setting is to do so across an entire state, in my humble opinion. Each insurer has to tailor its policies to meet individual state requirements, so state legislatures have a huge say in how things work. This is an unwieldy process for the big national insurers, but the alternative of a federally regulated insurance program is distast...

It's been a while since I have spent any time reviewing the basic justification for a home inventory, and I know that we have a lot of new readers that haven't heard an explanation of what I do or what the home inventory industry is all about. Let me start off by saying that home inventory goes hand in glove with good homeowners insurance coverage. I'd go so far as to say that one is incomplete without the other. Most of us have mortgages and are required to carry "hazard" insurance ( H azard is the mortgage industry's term for homeowners policies, and can include homeowners, condo-unitowners, or rental dwelling coverage depending on the occupancy of the home), but no one requires you to have a home inventory. Until , that is, you have a claim. Claims adjusters require the completion of personal property inventory forms in order to settle those types of claims. Even if you have suffered a total loss and everything is gone, you will more than likely have t...

In a recent blog post I discussed the debate over whether museums and public galleries should be able to liqidate a portion of their holdings to help pay the bills in troubled times like these. This controversial practice, known as deaccessioning , allows museums to keep the bulk of their work together and exercise their own judgement. Critics claim that this is a violation of a public trust, and that it often directly conflicts with the wishes of the entity that donated the works in the first place (which is true). A local Nashville case illustrates the conflict. Fisk University Battles O'Keefe Museum: This Nashville Tennesseean article describes a recent Tennessee Court of Appeals ruling which will, if it stands, allow Fisk University to sell a 50% share of its Alfred Steiglitz collection. Steiglitz was the husband of Georgia O'Keefe, and the collection includes primarily O'Keefe works. After Steiglitz's death, O'Keefe donated his collection of her works t...

Don't Forget The Lake House: Those of you who own vacation homes need to remember the contents you keep there when it comes to your home inventory protection. As a matter of fact, Matt MacMillan of the Hutchison (MN) Leader says you should keep a separate inventory for that residence. The article has some good insurance tips for owners of secondary residences. If your secondary home or vacation home has a mortgage, your lender may require homeowners insurance just as it would for your primary residence. However, there may be additional stipulations in the policy because you only reside in the home for part of the year. Like with your primary homeowners insurance, it is important to review the policy for your secondary home every year and keep an up-to-date home inventory in case you would need to file a claim following a loss. [emphasis added] Under-Insurance Conundrum: Karen Telleen-Lawton has an interesting article dealing with the problem of homeowners under-insurance. ...

Support From Across The Pond: The Guardian newspaper has some tips for saving money on your insurance bills that extend to American audiences, and home inventory is a suggested method for determining your coverage need. Hear that steady drumbeat off in the distance? That's the third parties telling you that you need my service! Thump, thump, thump. Here's what the Guardian has to say about our favorite topic: Don't go for policies that offer "unlimited" contents cover - unless you have lots of expensive items at home - as you will probably pay over the odds for your insurance. It is better to get the cover you need. "It's a good idea to make an inventory of all your belongings , then add a little extra for items you may have missed," says Scott Mowbray, of Virgin Money . [emphasis added] Mississippi Recovering Slowly but Surely: The Mississippi Gulf Coast is getting back to its pre-Katrina form, but the process is a slow-go. So says the Ced...

Good Insurance News? No Way! Texas officials reviewing claims data from the two recent hurricanes says that a surprisingly small number of justifiable complaints were filed, less than one quarter of one percent! Way to go, Texas insurance industry! Claims Journal has the story . "There will always be complaints arising from any storm damage. When you are dealing with a lot of money in a catastrophic situation, it can be difficult for all of the parties to be completely satisfied with the claim settlement," said [Texas Insurance Council Chair Dorothy] Langley. "But these low numbers on complaints coming from both Ike and Dolly are remarkable considering the volume and severity of the claims. It shows the industry has worked hard and been successful in putting their policyholders back on their feet in difficult circumstances." It's refreshing to see some good insurance news for a change. The industry needs all the help it can get these days. "Deaccessio...

Insurance For Bloggers? The Chicago Tribune reports that bloggers need to purchase personal injury protection against charges of libel or slander. The coverage is not very expensive and could save you a fortune. "Blogging has made everybody in the world a potential editor in chief. In the past, you might have had a day or two to cool down or ... to shoot that letter via snail mail to [the newspaper]. There was someone there who would police what you said. All or some of it might make it into the newspaper," Spicer said. "Today, in a matter of a half-hour, you could have set up your blog and gone out and said your piece about any number of issues." The easiest solution is to refrain from libeling or slandering anyone in your blog, but I know that is easier said than done, particularly when you are trying to grow your readership through expressing strong opinions. It's not just bloggers who need this protection: active users of social media sites (or parents ...

Care For Those Trees: The Toronto Globe and Mail says add tree care to your to-do list in order to prevent property damage and injuries. "Everyone who knows trees emphasizes the need for regular inspection and care. A tree may look as strong as the Rock of Gibraltar, but it may be suffering from disease or have been damaged and susceptible to disease. A rotted-out tree will be more vulnerable." Treasure Reduction: The Worcester Telegram says that antique and collectible retailers are experiencing a boom in their business as the economy worsens and people are turning family heirlooms into cash to pay medical bills and the like. The company pays cash for antiques, jewelry and other items of value people bring in from their attics and basements and — in these times — cherished possessions that they wouldn’t otherwise part with. “Our shows have been pretty popular since the economy has taken a downturn,” said Ms. Thompson. “Our business has doubled, partly because we pay...

Stolen Nazi Art: Bloomberg .com updates progress (or lack thereof) being made toward settling stolen art claims from the Hitler era. The Nazis stole some 600,000 pieces of art. I had no idea the number was that high. It's been 70 years, let's get this done. Poor Unloved Renters: David Pugh says renters need love. If not love, then at least insurance . Renters need home inventories too, by the way. Insurance Agents Under Stress Too: Claims Journal says that "bad apple" insurance agents are tempted to protect their livelihoods through insurance fraud in tough economic times like these. I want to take this time to emphasize how important it is to have a good working relationship with your insurance agent. This protects you in two ways: 1) Your agent has a vested interest in keeping you happy, and he will be more likely to go to bat for you in a claim situation if he is familiar with you and knows your character, and 2) You will be more likely to get of se...

The Northeast Needs To Get Prepared: The Massachusetts Emergency Management Agency ( MEMA ) recently published guidelines for personal disaster preparedness . As you may know, the Atlantic Hurricane Season runs June 1st to November 30th, and residents of coastal states need to spend some time attending to these tasks in anticipation of storms that will threaten New England this season. Excerpt: Make a record of your personal property. Keep an itemized list of your furniture, clothing and valuables to assist adjusters in case of a claim. Back it up with photographs or video. I know I sound like a broken record regarding home inventory . Crack, pop, hiss. No apologies made. The High Price of Dog Ownership Just Got Higher: I know, I know. Dogs are adorable and bring great joy to our lives. I know that the companionship they offer is without peer. I know that the world is a better place because of our domesticated dogs. Our dog Lucy is a lovable mutt and my family thinks the w...

It's On The Television, So It Has To Be True: Tallahassee's WCTV has a recent story about the start of hurricane season that includes, you guessed it, the need for you to complete a home inventory. Keep Me In The Loop: I found an article from a paper called the (Suburban Chicago) Daily Herald that spurred my thinking about home improvements and insurance. In my experience, people have been sometimes reluctant to let their insurer know about home improvements, because they felt that the insurer was just wanted to raise their rates. Not true my friends! Your agent wants to make sure you are getting the best coverage for your money. You should never intenionally put yourself in a postition of being under-insured, and improving your home by X dollars without increasing your coverage at least a corresponding amount does just that and frankly isn't very smart. Look at this excerpt: To illustrate, say you obtained $200,000 in coverage several years ago but the remodeling ...

Vicious Cycle: Saturday's Atlanta Journal-Constitution reported that four of the top insurers in the state of Georgia have requested rate hikes for the coming year, affecting nearly 40% of the state's consumers. State Farm, First Liberty, Cotton States, and Nationwide have filed increases that fall between 5 and 11 percent, modest by insurance company standards but huge for the rest of the financial world. Rates are also on the rise in Illinois, Texas, and Florida among others . Even with such increases, Georgia Insurance Commissioner John Oxendine said consumers are doing better than those in neighboring states, where he said premiums have been rising at double-digit rates. “We are by far the cheapest in the Southeast,” he said. That makes you folks in Georgia feel A LOT better, doesn't it? Allstate On The Mend: The Wall Street Journal says Allstate has learned some tough lessons over the past year and is ready to bounce back. When the WSJ has something good to sa...