While it's difficult to predict when a natural disaster might strike -- and what kind of damage it could cause -- you can take steps to protect your home and your belongings. Money magazine offers these "before and after" financial tips to consider:
Before Disaster Strikes:
- Update your homeowners insurance policy. Be sure to include any recent renovations or improvements.
- Consider buying a replacement-cost policy rather than an actual-cash-value policy, so that you'll be compensated for the amount it costs you to replace your belongings.
- Create an inventory of your household items. One way is to use a video recorder and narrate as you go, noting specific details such as serial numbers. Or, take still photographs and make a list. Make sure to store these items and other important documents in a water- and fire-proof container or safe-deposit box.
In The Aftermath:
- Contact your insurance company immediately, even if you're not sure if your policy covers the type of damage you've suffered.
- If you're ready to clean up but concerned about moving anything before the insurance adjuster shows up, take pictures first.
- Save all receipts -- even for incidental costs like gas and meals -- related to the disaster.
- Before you bring in a contractor to rebuild or repair, you'd be wise to get several bids in writing. Also, Money advises making sure the job has been completed to your satisfaction before you pay the total bill.
- If your home is uninhabitable, have utilities (water, gas, electricity) and phone service stopped, and contact creditors immediately if you think you'll have trouble paying your bills.
- You may be able to take advantage of available tax breaks for losses suffered; consult your insurance representative and/or financial or tax advisor about your specific situation.
*SOURCE: Long and Foster E-Newsletter - (December 2007 ISSUE)
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Michael, this is certainly good advice! I have to follow some of it myself - I've not yet done the photo inventory.