Creating a Home Inventory for Homeowner’s Insurance (Why You Should Do One Today)

P.J. Miller

If your home and possessions were destroyed in a tornado, fire or other disaster, would you be able to remember everything you owned to file an insurance claim? For most of us, the answer is no. Spring is around the corner in Ohio, and unfortunately this brings tornado season and other severe weather that could be devastating in the worst-case scenario. It’s also the time of year for spring cleaning which means getting organized and ideally, creating a home inventory for insurance purposes.

A home inventory can be your best friend when you need to file a home insurance claim. Having an up-to-date list of your possessions with details such as the age and estimated value of each item will help settle your insurance claim faster, verify losses for your tax return and ensure you purchase the correct amount of homeowner’s insurance from the outset. The task of itemizing your personal property may seem daunting, but it doesn’t have to be.

What Your Home Inventory Should Include

• Start with big and valuable: Jewelry, major appliances, electronics, rugs and collectibles. If you have any items that are particularly valuable such as artwork or a fur coat, itemize those separately and check with your insurance agent to see if you need separate insurance coverage. Then you can move on to smaller items like clothing and books – no need to identify items individually, just the total number in each category, for example: 25 pairs of shoes and 10 pairs of pants. Tip: Start in a small room and work your way around the house so you won’t feel overwhelmed.

• Detailed descriptions: Describe each of the major items you’re recording with details such as where and when you bought it, what you paid, what condition it’s in, make and model, and any other details that would be important for a claim.

• Proof of value: Copies of sales receipts, estimated or appraisal value and purchase contracts will help settle the personal property portion of a loss. This is particularly important for valuable items. While there’s no physical value attached, you should also keep copies of financial and legal records with your home inventory to ensure these are replaced if there is ever a disaster.

• Don’t forget off-site or stored possessions: Items in a self-storage facility will be covered by your homeowner’s insurance and should be included in your inventory. Never put out the good China and have it stashed away in your basement? That should be documented as well.

How to Create a Home Inventory

There are a few methods to consider: pen and paper, spreadsheet, photos/videos saved to an external source (e.g. the cloud) or a home inventory app. There’s no right or wrong, but you should choose the one that will get you moving on this today, and you’ll keep organized and up to date.

• Pen and Paper: This is an inexpensive way to track your items and something you already have access to in your home. You can easily move from room to room documenting everything. However, this requires you to keep a hard copy on file and may not be the most effective list to hand over in the instance of a claim (how legible is your handwriting?).

• Spreadsheet: A spreadsheet program such as Microsoft Excel or Google Docs will keep you organized and makes it easy to add or delete items as needed. The main drawback is that spreadsheets aren’t very user friendly on phones or tablets, so you’ll need to carry your laptop with you as you record, or go back to your desktop computer. You can start with pen and paper, and then record it in a spreadsheet, but this creates a two-step process and reduces the chance you’ll take the time to start.

• Photos and Videos: Most of us rely on our mobile phones for just about everything and one more use can be your home inventory. You can quickly walk into each room and take photos and/or videos, but you’ll need to make sure you’re saving everything where it can’t be lost such as iCloud or a thumbdrive stashed in a fireproof safe—just don’t save it to your home computer hard drive. Too, you’ll still need to record all purchase/value details requiring a separate document or print the photos and write information on the back (another extra step).

• Inventory App: There are several advantages to using an app: easily add photos of the items and receipts, data is safely stored, and you can access from anywhere. You’ll have to type in details which can be a bit tedious but no more than writing down information or entering into a spreadsheet.

Once you’ve compiled your initial list, send it to your insurance agent to determine if you’ll need additional home insurance or renter’s coverage. However, creating a home inventory doesn’t stop there—be sure you’re regularly updating with new purchases and keeping your appraisals current. Make a habit to add items as soon as you get them, so receipts are handy.

Additional Home Disaster Tips

Now that you’re on your way to getting an inventory in place, it’s important to go beyond this and have a family action plan ready if a disaster strikes. Below are a few more things to think about:

• Have an emergency bag ready to go with essentials. If you wake up in the middle of the night to a house fire, you may be forced to run out the door with only the clothes on your back. If you have a bag close by (under your bed or in a nearby closet), you can hopefully grab that and have a few things that are important to you. It’s helpful to include insurance and other key contacts here if you don’t have them readily available otherwise.

• Plan for animal care. An insurance company will typically cover $5,000 for necessities and put you up in a hotel or apartment, but if the housing doesn’t take animals, you’ll need to board your furry friends or have other arrangements.

• Once you’re in a safe place, contact your insurer. Let them know what happened and where you can be reached. Do not return to your home until it’s safe to do so.

Questions about homeowner’s insurance or recovering from a disaster? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.

Insuring Your New Valentine's Day Jewelry

Are you popping the big question this Valentine’s Day? Or just showing the one you love how much you care with a nice piece of jewelry? Perhaps you’re even buying something special for yourself for some self-love. If you’re in the 21% of the U.S. population spending money on jewelry this holiday, you’ll want to ensure you’re protecting your bling.

Do I Need Jewelry Insurance?

Jewelry insurance is a policy designed to cover your jewelry, whether it’s an engagement ring, Rolex watch or your grandmother’s brooch. In exchange for the premiums you pay, your insurance carrier will reimburse your financial losses – or even replace the item – in the event of theft, loss or damage up to its specified value. If the item has an appraisal value

Your homeowners policy is limited to only a small number of causes, like theft, and has a cap of $1,500. If the item has an appraisal value of more than $1,500 or holds sentimental value, it’s worth obtaining coverage in the instance of a loss.

Getting Your Jewelry Appraised

When you purchase or receive a piece of jewelry, you’ll want to have it appraised as this is necessary to obtain insurance coverage. When selecting an appraiser:

• Obtain a recommendation from a dependable source such as your independent insurance agent, a museum professional, fine art dealer, auction house or another collector. You can also contact one of the three professional appraisal organizations: Appraisers Association of America, American Society of Appraisers or International Society of Appraisers.

• Ask for the appraiser's curriculum vitae to review their level of experience.

• Evaluate your specific needs. Depending on the jewelry or other valuable pieces, you may require an appraiser with different specialties and expertise.

• Ask if the appraisal you will receive meets the Uniform Standards of Professional Appraisal Practice.

• Ask for a sample appraisal if it is the first time you are employing an appraiser.

• Request an explanation of the fee structure. Fees should never be based on commission or tied to the value of the appraised items.

Obtaining Insurance Coverage for Your Jewelry

You should be prepared to provide your insurance agent with the following:

• A copy of your receipt, which will provide the jewelry’s retail value.

• A copy of the appraised value of the jewelry.

Be sure to add your newly acquired jewelry to your home inventory.

Contact Your Insurance Agent

Whether you’ll need to increase the limit on your existing homeowners policy, add schedules, or purchase a separate jewelry insurance policy, your independent insurance agent will be able to help you determine the best coverage.

Questions about insuring your jewelry? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.

Sources:

https://www.westfieldinsurance.com/resources/podcasts/the-insurance-policy-of-love

https://www.trustedchoice.com/homeowners-insurance/contents-personal-property/jewelry/

What You Need to Know About Purchasing Auto Insurance

Myles Trempe

There are a few essentials first time car insurance buyers should keep in mind when searching for an insurance agent and coverage.

A buyer, unless well-versed in auto insurance, should have an agent or broker explain the complexities of an auto insurance policy. They can offer real life examples, which are a great way to put coverage into context. Too, agents and brokers are also educated on regulations from state to state, and can help address any questions you may have if it’s your first time purchasing in a particular state.

What type of coverages should be placed on the vehicle?

Obviously liability, but what limits? What is the value of vehicle and does it warrant comprehensive and collision coverage? Comprehensive coverage typically helps cover theft and damage from vandalism and natural disasters, falling objects, fire, hail, flood or animals. But what if you are involved in a hit and run and do not carry collision? Bodily Injury Liability covers medical expense and lost wages to the other party. Property Damage liability repairs or replaces the other parties’ vehicle(s) also e.g., houses, offices, stores, trees, fences, lamp posts, telephone poles, etc., but does not cover damage to your vehicle.  

You should also determine if you’ll need rental or transportation expense coverage if your car goes in the shop after a covered claim. If you don’t have access to another car or would prefer not to rely on public transportation, your policy will need to cover these potential extra costs. Another important question is if you’ll need roadside assistance or towing and labor? Do you have AAA or similar service, or will you turn to your auto insurance to cover this?

What are the types of coverage that shouldn’t be ignored, even if they add some extra cost?

• Towing and labor

• Rental reimbursement

• Uninsured motorist property damage. (If no collision coverage purchased on your vehicle.)

• Guaranteed replacement cost on new vehicles in first 2 years

• Gap/Loan coverage if loaned or leased

• Umbrella Excess Liability

Are there any clear advantages and/or disadvantages with purchasing insurance from a local provider over a big name like State Farm, Nationwide, etc.?

The biggest advantage of working with an independent insurance agent is the service experience at claim time. A local agency may offer in-house claims or concierge services. You’re also working with someone locally that has a regional carrier with local adjustors.

Independent agencies work with various insurance companies to quote different options at different rates. So, even though you’re working with ABC Independent Insurance Agency, you may still have insurance through Nationwide, but you’re also gaining that personalized, local service experience through your independent agent.

How accurate are online quoting tools, and how much should consumers trust the quotes they get from provider websites, and also 3rd party insurance comparison sites?

Using online or third parties for quotes may give you a ballpark number but where they can lack is if you don’t provide full information. For example, if you enter your age, type of car, etc. but don’t enter any violations, claims or your credit score – these can all greatly impact a quote. Without offering complete information, you could get a quote of $650 when in fact, you had a past claim that would bump up the actual number to $1,000. If you’re able to provide comprehensive information, then these tools can be helpful, but otherwise, they’re not giving you an accurate number.

Questions about purchasing auto insurance? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.

To Purchase or Not To Purchase Rental Car Insurance, That is the Question

Ben Galbreath

You’re standing at the rental car counter and they inevitably ask the question that makes you second-guess your response, “Do you want to purchase insurance coverage for your rental?” You’re probably thinking, “Why do I need to purchase their insurance when I already have auto coverage? But if I don’t accept it, am I leaving myself exposed if I’m in an accident or the car is stolen?” The answer is, it depends. Do you carry collision and comprehensive coverages on your own car? Is this rental for personal or business reasons? How much are you willing to pay out-of-pocket if your policy doesn’t cover the damage? Your answers will guide the type of rental insurance coverage you really need.

What does the rental car insurance cover?

Purchasing the rental car insurance coverage from the rental car company can be costly, although an easier claims process, in the event of a loss. The insurance can be $30+ dollars a day after adding on all the different coverages the rental car company offers, e.g.  Enterprise Rent-A-Car: Damage Waiver for $19.99 to $25.99 per day, Personal Accident Insurance for $12.00 per day, and Supplemental Liability Protection $13.80 per day. By purchasing this coverage, the rental car company is essentially waiving its right to make you legally liable for loss or damage to the car while it’s in your possession, regardless of fault (with a few exceptions).

When you are considering renting a vehicle for a personal trip, your personal auto insurance will kick in, but to what amount? You will need to contact your insurance agent to review your policy. If you only have liability coverage on your personal auto(s), your insurance will not cover for physical damage of the rented vehicle. To cover the physical damage on the rental vehicle, you will need to have Comprehensive and Collision coverage on at least one of your owned vehicles. This will save you money when renting a car.

Loss of Use charges

One big problem for rental car coverage is called “loss of use.” Rental car companies can charge you after damage has occurred to the rental vehicle while it is not in service. They will charge you per day while the vehicle sits in a tow yard, at the body shop or while the claim is being settled by your carrier. This process could become very costly due to the negotiations between the rental car company and your insurance company. Insurance companies vary on how they evaluate this coverage. Be sure to speak with your insurance professional to see what your personal auto coverage will handle.

Check with your credit card company

Do your due diligence by calling your credit card company to see if any coverage is provided. Many do, although it seems credit cards are offering this perk less and less these days. The extent of coverage will likely vary from card to card so be sure you understand what they’re offering, or not. For example, your credit card may provide collision damage waiver coverage for the physical damage of a rented vehicle. In the U.S., it is secondary coverage, but the credit card company will pay for the deductible, then your personal auto coverage would step in for the rest if loss of use is charged. For international rentals, the credit card company may cover the rental car due to a collision loss for first dollar coverage (a type of insurance policy with no deductible where the insurer assumes payment once an insurable event occurs).

Rental car insurance for a business trip

If you are renting a vehicle for a business trip, there are many different factors that come into play. You will need to consult with your independent agent on how coverage will apply to the damage of the vehicle. “Hired auto coverage” will cover your liability for any damages you incur to the other party’s vehicle, but this will not cover the vehicle you have rented. It’s in your best interest to notify your agent about your business trip so they can review your coverage and make sure Hired Auto and Hired Car physical damage is included in the policy. In this instance, it would be advisable to use your company credit card and rent it in the company’s name. This is what triggers the business policy.

Generally speaking, if you’re renting a car and driving a long distance, the rental car company’s coverage may be the way to go. If something were to happen, you can simply call the rental car company, they deliver another vehicle and you’re on your way. This avoids the extra step of calling your insurance company, credit card company or any other outside companies to cover the rental car. On the flip side, if you’re going to drive the car locally wherever you are, personal coverage and/or your credit card company’s coverage should be sufficient, but as always, check with your agent first.

Questions about rental car insurance coverage? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.

Hosting a Super Bowl Party? Understand the Xs and Os of Your Home Insurance First

Ben Galbreath

One of the biggest sporting events in the world is around the corner…naturally we’re talking about the Super Bowl. Whether your team is playing or not, chances are, you are either hosting or attending a party for the big game. While Super Bowl festivities are typically all fun and games, as an independent insurance agent, we have been conditioned to look for possible problems within every event to evaluate any potential loss and protect the assets you have worked so hard to build.

If you are planning to host a party, there are myriad potential accidents and occurrences that you need to keep in mind beyond your checklist of ordering pizzas, picking up ice and putting out plenty of chairs. For example: trip and falls on an icy sidewalk leading to your house, guests choking on food, fights between guests, pet attacks, broken items, guests’ missing personal property. And probably the biggest item to think about is alcohol intake – are you providing an unlimited amount of alcohol? When should you cut-off guests and how can you ensure they’re taking a cab or Uber? What if they fall while intoxicated? You may be liable for any of these situations, and unfortunately, when it comes to friends and family, the loss usually gets nasty and harder to resolve; it also depends on the severity of the event.

Typically, homeowner policies might offer some protection for the non-alcohol induced accidents mentioned above, but when it comes to the injuries, accidents of a non-motorized variety or the motorized kind, then things get a little stickier. Allowing someone to leave “after a few” is the misconception that it’s okay because, “they’re not drunk” (Note current advertising efforts: “Buzzed driving is drunk driving.”)  Now you’ve put yourself in the same position of your favorite bartender, meaning, “How do I get this friend out of here, safely and politely?”  And you thought the Super Bowl was going to be fun and relaxing!

Homeowner policies (and hopefully the Personal Umbrella that you have) should provide “Host Liquor Liability,” meaning you didn’t sell the beer to your guests, you merely provided it – while designed for this very situation, keep in mind that gross negligence can not only be an insurance claim, it can also carry with it some civil and criminal implications. A Personal Umbrella policy would offer broader coverage and would also give you coverage for renting a location to hold a party where the homeowner’s policy coverage would be very limited.

Generally speaking, as the host, your liability is fairly broad when it comes to your exposure. If things transpire into a lawsuit, your coverage would respond depending on how the lawsuit was written. You will need to notify your insurance company as soon as you receive the paperwork, and to trigger your liability coverage, attorneys will need to be involved. Liability coverage could respond in the event of being served with a lawsuit and/or you are found liable for the loss within the limitation of coverage. The cost is paying an attorney to defend you. The attorneys are usually provided by your insurance company if coverage is going to respond.

In the event of a medical visit to the hospital from an event on your premium, medical payments could come into play to help the guest with their medical bills.

The above shouldn’t scare you off from hosting a Super Bowl LIV party, but be sure to review your homeowner’s policy to understand what will/will not be covered in the instance of an accident. It’s also a good idea to take precautions such as locking up your valuables, keeping pets in a separate room, hiring a bartender, offering to let guests stay over and/or calling for cabs and Ubers.

Questions about your homeowner’s insurance? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.

New Year's Resolutions - Protect Yourself in 2020 and Beyond

Happy New Year! It's time to set those resolutions for 2020 and we hope you consider the following to ensure peace of mind throughout the year. Download our app: https://bit.ly/2SHgQ9J

Ben Galbreath Discusses Wind Damage Insurance Coverage

Did you experience damage from high winds? Producer Ben Galbreath takes a look at common occurrences in Springfield, Ohio.

Contact us at 937-324-8492 to discuss coverage for wind damage.

Don’t Be a Turkey This Thanksgiving: Insurance Tips for a Safe Holiday

Did I put too much salt in the gravy? Will grandma ask me why I’m still not married? Will the Giants beat the Cowboys? These are valid Thanksgiving Day concerns and hopefully the biggest worries you’ll have this coming Thursday. Unfortunately, the holiday can bring up a cornucopia of other troubles, from cooking accidents and injuries, to home and driving safety issues. Below, we’ve outlined a handful of steps you can take to make sure this is one of your most memorable Thanksgivings – for all of the right reasons. 

PREVENTING A FIRE

According to the National Fire Protection Association (NFPA), Thanksgiving is the leading day of the year for home fires involving cooking equipment. Moreover, cooking is the leading cause of reported home fires year-round, accounting for nearly half of all US home fires (48 percent) and reported home fire injuries (45 percent), as well as one-fifth (21 percent) of home fire deaths. These stats are a good reminder to use caution when preparing your Thanksgiving Day feast.

Deep Frying a Turkey

You’re probably not alone if your top question now is, “Can I still prepare that tasty deep-fried turkey?” While it’s not an absolute “no,” you should be aware that turkey fryers can lead to severe burns or other injuries, and even property damage, even if you’re extremely careful. Deep-frying a turkey requires a substantial amount of hot oil which can splash, spill or combust.  

Butterball offers helpful cooking and safety tips whether you’re frying indoors or outdoors. As with any cooking, don’t leave your deep fryer unattended and keep children away from the frying area. Alternatively, NFPA suggests contacting your local grocery store, a specialty food retailer or restaurants that sell deep-fried turkeys so you don’t have to encounter any risk. 

Kitchen Safety

With family and friends going in and out of the house, TV and music volume, and possibly alcohol, it’s easy to be distracted while you’re cooking. Below are a few quick tips for keeping you and your home safe from accidents.

• It’s tempting to try and accomplish other things while food is cooking, especially a turkey that takes hours, but you should check on food frequently and never leave your home while your oven or other cooking appliances are on.

• Make sure you have timers set so food doesn’t burn and potentially set off smoke alarms or worse, cause a fire. Keep the timer next to you so you don’t miss it over loud conversations or other noise.

• Keep your prep space clean and organized. Oven mitts, paper towels and dish towels, food wrappers and other easily combustible items should be kept at least three feet away from heat and flames.

• Don’t wear billowy clothing that could come in contact with heat and flames.

• Confirm that smoke alarms have new batteries and are properly working before you being cooking.

• Avoid cooking if you’re drinking heavily.

It’s always a good idea to check your homeowners or renters insurance coverage if the worst does happen and you experience a fire or related loss.  

AVOIDING CAR ACCIDENTS

Drinking and Driving 

This should be a no-brainer but, don’t drink and drive! According to the Centers for Disease Control and Prevention, drunk driving still causes 28% of all traffic-related deaths in the U.S. If you’re planning on drinking on Thanksgiving (or any day), arrange for a designated driver or call a cab, Uber or another service to get you safely from place to place. Depending on your location, you may be able to call AAA and use their Tipsy Tow service. 

Be mindful of who you hand your keys over to as well. Even if you’re watching your alcohol intake, your family member offering to run up to the grocery store for the missing ingredient may not be as sober as you think. Generally speaking, it’s always a good idea to limit loaning out your car. You may be on the hook as the insured if they get in an accident.

Review Your Auto Insurance Policy Before Hitting the Road

It’s widely reported that the week of Thanksgiving is the busiest travel period of the year, with millions of Americans traveling 50+. This means the likelihood of getting in a car crash increases exponentially. While comprehensive car insurance coverage can’t prevent an accident, it can cover costs for vehicle damage and injuries. If you’re renting a car, determine what your policy will cover or not, and consider rental car insurance if necessary.

While you can’t predict other drivers’ behavior, you can take a few steps to safeguard yourself.

• Give yourself extra time. Weather is often bad this time of year and with additional cars on the road, this is a Thanksgiving recipe for disaster if you’re rushing or stressed to make up for time in snow, rain and ice.

• Secure food and other items. The last thing you want is additional hazards distracting you while driving. Prevent food from sliding around and ensure everything has tight lids.

• Protect your pets. If your furry friends will be traveling with you, use a strapped in harness or other safety belt to keep them in one place. If you have to brake suddenly, this can avoid possible injuries.

• Pack a roadside emergency kit. This is a good idea year-round, but especially in inclement weather and times when AAA or other roadside services may take longer to get to you.

PROTECTING YOUR HOME WHILE YOU’RE AWAY

Unfortunately, the holiday season can see an uptick in home robberies. Thieves know homes are often empty for days at a time and take advantage of this. Here are a few measures to take to keep your home safe while you’re away:

• Keep your travel plans off social media. This can be a tough one since you want to share photos and good times with friends and family, but consider waiting until you’re back in town so the wrong person doesn’t become aware of your absence.

• Put your lights on a timer and use motion detectors for outdoor lights.

• Get a safe for small valuables such as jewelry and family heirlooms.

• Ask a neighbor or friend to keep an eye on your home and pick up any mail so it doesn’t pile up and tip off burglars.

• Arrange for yard service to clear away snow and ice while you’re away so it appears someone is home.

• As an added precaution, invest in an outdoor security camera that you can monitor from anywhere. 

Homeowners insurance such as dwelling coverage and personal property coverage may help recover costs in the instance of a break-in. Hopefully, you’ll never be the victim of a home burglary, but you should be aware of what your homeowners policy covers and be sure to document your home inventory in advance to expedite the claims process.

Questions about home insurance? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.

Exclusive Teacher Discount on Auto Insurance

Teachers, did you know you could qualify for exclusive savings on your auto insurance through our partner Ohio Mutual Insurance Group? Contact us at (937) 324-8492 or info@WTins.com to learn more.

What You Need To Know About Medical Evacuation Coverage Before You Travel – Ben Galbreath Quoted in Forbes

Ben Galbreath

A medical evacuation plan — or medevac plan — is coverage that handles medical repatriation. Travelers often end up away from home either with insufficient coverage for medical evacuations — or none at all.

A regular travel insurance policy may cover an emergency medical evacuation. That may include an airlift or a medically equipped flights back home. It might also transport you to a hospital of your choice for treatment. Then again, it might not.

Understanding the limits of travel insurance is critical. Among the issues: 

Exclusions for your destination. Some policies exclude specific geographic locations. "Travel insurance can be a waste of money if the coverage does not recognize the destination location," commented Wallace & Turner Producer Ben Galbreath.

Click here to read the full Forbes article.

Questions about travel insurance? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.