It’s that time of the year. Yes, it’s Holiday Season but along with the most joyful time of the year, it’s also the peak time in criminal activity. Most recently, I have been told about 6 people in the last 2 months who have been robbed. So many questions went through my mind as I found out about the first, then the second then the third and so on. Their situations varied as to where they were and when they were robbed…for instance, one of them was home sleeping when the thieves entered her home, another was on vacation while yet another was robbed by a friend’s friend. They all felt violated, which is probably the worst feeling. But in going through their experiences with them, I came to realize that their situations all had many similarities.
As they went through the police reports and the weeks which followed, they found that more and more items came up missing…such as electronics (laptops, phones, ipads, etc.), jewelry, car keys, other small, easy to carry, personal belongings. What concerned me and brought about this post is to tell my clients, family and friends to be cautious and aware of your surroundings while securing your homes, cars and persons.
Another issue that came about their situations was the replacement values on the items that were stolen, were nowhere close to what they initially paid. Their insurances only covered them and blood relations’ belongings. Watching them go through their experiences made me nervous. I immediately called my trusted insurance agent, Misty Chadwick with All State, to get a better understanding of what my insurance plan covered. We made a few adjustments to my policy after going through an in depth review of my current belongings. I asked her to help me write up some tips for my readers so that they can also be prepared. Here’s what she told me:
Not all insurance policies are equal. If you have not sat down with your insurance agent recently, here are a few things to know.
1. Whether you own a home or a renter’s policy, some are replacement and some are listed as actual cash value for your personal belongings. The difference is dramatic. If you have replacement value for your personal belongings, you will be able to replace it even if it costs more now than when you first purchased the item. For instance....if you have a custom couch that cost $1,000 originally, and it costs $2,200 to purchase that same couch today, replacement value would do just that...you would receive $2,200 to replace the couch. If you had actual cash value, you would get the depreciated value of a $1,000 couch...not much...ouch! The sad thing is that the policy price is not very much more for full replacement value!!! Always ask for replacement value for personal belongings.
2. In the event of a loss...say a theft or a total loss like fire...what documentation do you need? The more documentation, the better. Insurance companies work hard to help you with this. Receipts, bank statements, credit card statements and/or photos are all helpful. In addition to these, taking a photo of each room in your house every year is also a good idea.
For your insurance, the bottom line is "don't hope so, KNOW so". Schedule an appointment with your agent today. Or call Misty Chadwick, co-owner of the Chadwick Family Agency. She is happy to advise you and help navigate these and every single insurance question you may have.
Home burglary is a concern any time of the year, but it’s especially bad during the holiday season. What you need to know is that burglars tend to break into homes that are easy to access so make sure you have some sort of an alarm system. Also, burglars usually steal items that they can quickly and inconspicuously carry, such as laptops, electronics, jewelry and cash. So, take effective measures to protect your homes and your belongings and stay informed about your insurance policy by speaking to your insurance agent TODAY!
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