Is it time for an Insurance Checkup?

By
Real Estate Agent with Keller Williams

i know when something is wrong with my husband.  I get a HEY following be silence. 

He went to his jo site this morning.  His trailer locked had been cut and he had been robbed of every tool that he owned.  $10,000 worth. Thank GOD the tires had been flatted on the trailer. 

OUR INSURANCE WILL NOT COVER THE LOSS.  Everyone needs an insurance check up!

Here are some important things we must remember:

1.  We might want to make sure that our buyers have guaranteed replacement.  However, be realistic.  If you home was built in 1915 and has plaster, would you replace the plaster?

2.  Take a video of what you have!  Especially if you own a secondary home.  I cannot remember half the things I have at the beach.  Could I remember what when a hurricane comes?

3. I's important to know what your homeowners insurance covers and what it doesn't. For example, particularly pricey items such as big-screen televisions and fancy stereo equipment are often excluded from policies or, at the least, inadequately covered. The same goes for antiques, collectibles, expensive jewelry and furs. Ask for riders that specifically cover those items.

4.  A great deal of home-office equipment, including computers, fax machines and copy machines, are excluded from most conventional homeowners policies. You have to obtain separate insurance to cover them.

5.  If you see clients in your home office, insurance becomes particularly important: You will need liability insurance as well.

6.  CHECK YOUR CAR INSURANCE!  We ride around with people everyday.  My buyer's agent had an accident last year with someone in the car with him.  We need extra coverage!

Obviously, E and O!  I am sure there is others I left out.  Please learn from my mistake.

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Rainmaker
238,510
Angelia Garcia
Pure Realtors - Dallas, TX

Hi Katie,

are you a little off today.  Your writing was a little off.  Hard to follow at times.  But good point.

Nov 05, 2008 07:44 AM #1
Rainmaker
130,319
Rich Ferretti
Rich Ferretti Real Estate - Charlotte, NC
ABR QSC Realtor/Broker, Charlotte NC Real Estate a

Everyone needs to get a check up on their insurance at least once a year.

Thanks for sharing

Rich

Charlotte

Nov 05, 2008 07:48 AM #2
Rainer
81,513
Katie Evans
Keller Williams - Greenville, NC

Angelia, God I am so off today.  Could it be all the beers I drank last night???  Not a good way to solve problems! 

Nov 05, 2008 07:50 AM #3
Rainer
261,098
Connie Goodrich
Keller Williams Realty - McKinney, TX
CRS ABR (McKinney Realtor)Texas

Insurance, need to update stay on top of things.  The bad thing is we tend to remember to do something after we have a problem.  Good luck and sorry about the tools.

Nov 05, 2008 08:43 AM #4
Anonymous
Connie

Katie, I am so sorry that your husband experienced that dreadful "you are not covered" statement. Unfortunately, too many people buy a new insurance policy based on what they currently have, not necessarily what they need now to cover such assets. People's lives change all the time...and open and honest check ups are a must! Be very careful not to get so caught up in the " Best Price" war. Insurance should NEVER be a commodity.

Nov 05, 2008 10:04 AM #5
Rainmaker
366,532
Ilyce Glink
Think Glink Media - Chicago, IL
Best-selling author, award-winning TV/radio host.

Katie- I'm so sorry to hear about this, but thanks for sharing this wake-up call with all of us. Keeping up to date on insurance policiies is really important. Good luck!

Nov 05, 2008 11:08 AM #6
Rainer
478,183
Not a real person
San Diego, CA

My insurance policies always get a review whenever they get renewed. I learned long ago not to go for automatic renewal because then I would not know when they got renewed and how undervalued they were for the job I might need them to do.

Nov 10, 2008 07:56 PM #7
Rainer
81,513
Katie Evans
Keller Williams - Greenville, NC

Russel, I unfortunatly have learned the hard way! 

Nov 14, 2008 12:20 AM #8
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Rainer
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Katie Evans

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