Have You Done a Home Inventory?

How old is your bedroom furniture and what did you pay for it?  Don’t know?  That’s okay, let’s try an easier question.  When did you buy the TV in your family room and is it a plasma, LCD or a LED?
Whether you are the victim of a burglary, a fire or a tornado, most people are comforted they have insurance to cover the losses.  However, unless you’ve filed a claim, you may not be familiar with the procedures.
The adjustor will want to know the date and how the loss occurred.  Assuming you have contents coverage, the claim for personal belongings is separate from damage to the home.
You’ll be asked to provide proof of purchase, like receipts or cancelled checks, or a current inventory.  If they’re not available, you can reconstruct an inventory from memory.  The challenge is trying to remember things you may not have used for years and may not miss for years more.
Relying on memory can be a very expensive alternative.  A prudent homeowner will create a home inventory with pictures or videos while all of their belongings are in the home and they can see them.
Download a home inventory to make your project a little easier.

Homeowners Are More Positive

Fannie Mae, in a recently released study, states that consumer attitudes continue to be favorable about homeownership, particularly with the younger generations, ages 18 to 34. Slightly over half of them think that owning makes more sense than renting when comparing the financial and lifestyle benefits.
90% of aspiring owners expect to purchase a home someday and slightly over half think they’ll do it within five years. The primary challenges are having sufficient savings and the difficulty of getting a mortgage today. Younger renters see renting as a temporary stepping stone toward homeownership.
Homeowners are far more likely than renters to be “very positive” about their housing experience. Some of the benefits identified are:

• Having control over what you do with your living space
• Having a sense of privacy and security
• Having a good place for your family or to raise your children
• Having the best investment plan
• Living in a nicer home
• Building up wealth
• Saving for retirement
• Living in a place where you and your family feel safe
• Feeling engaged in your community

To satisfy a buyer’s doubts about qualifying for a mortgage, make an appointment with a trusted mortgage professional. If you’d like a recommendation at no cost or obligation, please contact me at kexcell@triplettcompanies.com.  Check out this Rent vs. Own to see the real cost of owning a home.
For more information about the Fannie Mae survey in presentation form, Click Here.

Renter's Insurance

An often forgotten insurance coverage is called “renter’s insurance.” 

Renter's insurance provides great coverage for damaged and/or stolen personal items for those who rent their housing. It also provides excellent liability coverage.

If rented housing is damaged by fire, tornado, etc. the renter will have no coverage for destroyed or lost personal items, no coverage for alternative housing (such as room in a motel, etc.) while the damaged rental unit is being repaired.

 

With liability coverage, your assets are being protected. For example, if the apartment or house that you rent burns to the ground and you are found responsible for causing the fire, you will have to pay for the home or apartment to be rebuilt. If you have renter's insurance, your insurance company pays for the home or apartment to be rebuilt.

The cost is about $10 per month for a good renter insurance policy.

Contact your favorite insurance agent (Andrea Shearer, Tessa Everman, Burton Heginger, or Ryan Edgington) at the Triplett Companies (515/232-5240) if you have questions about renter’s insurance and would like a premium quote for Renter Insurance coverage.