The Importance Of A Home Inventory

When a disaster strikes your home, many things will go through your mind. Where to stay, who to call, and how will my insurance company take care of me will likely be in the front of your mind in the immediate aftermath of a severe loss to your property. One thing you will not necessarily be considering is how to account for your possessions that may have been lost or damaged. To counter this, we recommend a full household inventory, to be updated once annually.

While most people are able to recall the major items in their home-what kind of television or computer they have, the brand of appliance or where they bought their couch-the majority of the items you have in your home may not be simple to recall. Books, CD's, DVD's and clothing tend to be major line items that can add up to large amounts of money, and are not as easily remembered as larger items. Other items like kitchenware and decor can also be expensive to replace.

During a home inventory, it's best to go room-by-room with a legal pad and a digital camera. You can go room by room, taking pictures of the larger items and writing down basic information on the smaller items. You can assign a basic value for media items like books, DVD's and CD's, which can serve as a basis for settling out a loss. If you like, you can also list titles, which can determine exactly how much value you have in these items. For the larger items, along with the photo, you may want to write down model and serial numbers.

Once completed, you can call your agent to discuss how best to proceed. After determining the appropriate amount of coverage for your personal property, your agent should be able to keep a copy of your photos and inventory in your file at the office, meaning in case of loss, your records will be kept safely and soundly where they can be sent to the adjuster when necessary.

Taking the time to inventory your personal property can save you time and headache at a time where you may have a lot on your plate. Don't delay-take the time today!

College Apartments & Renters Insurance

Back to school is approaching fast, and for those of you with children away at college or university, you may have questions about how best to insure their possessions while away. Theft is usually the main concern that parents have. Thinking about how much it would cost to replace a laptop or musical instrument can add to the parental anxiety that usually accompanies a child going away.

While possessions in dormitories and residence halls are generally covered under a parents' property policy, when the student moves into an apartment with roommates, renters insurance is strongly recommended. Aside from providing coverage for their clothing, computers, iPod and other personal possessions, renters insurance provides them with critical coverage for their personal liability.

According to the NFPA, in 2006 fire departments responded to 4,290 fires in campus housing. These fires caused an estimated $29.1 million dollars in property damage. Since two-thirds of all college students live in non-dormitory housing, the need for these students to protect themselves financially is critical.

In years past, most college students went without any form of insurance to protect themselves in the event their unit was damaged due to fire. Thus, if the student's apartment was damaged, landlords could file suit to collect damages and the student could find themselves with a judgement against them for thousands of dollars.

In recent years, more and more apartment complexes are requiring their tenants to carry renters insurance with liability coverage. However, not all college campus apartments carry this requirement. The onus then falls on the parents to make sure their student is fully protected while living in off campus housing.

The good news is that renters insurance is extremely affordable. For premiums usually less than $1 per day, you and your student can rest more easily, knowing that they are correctly covered and protected.

Making sure your student carries renters insurance can help with the short term concerns of how to replace possessions, and also help avoid the long term financial consequences of fire or other unintentional property damage.

Beating The Heat Safely

The recent weather in our area has featured high humidity, high temperatures and abundant sunshine with little rain. With summer at its height, people around our area are looking for ways to beat the heat. Swimming pools, dog parks, trampolines, boating and other outdoor activities are popular ways to enjoy the summer.

Swimming pools in particular are popular ways for families to beat the heat. With swimming pools, however, it is important to keep safety in mind at all times. According to the CDC, in 2007 there were 3,443 accidental drownings in the United States, which averages out to about ten per day. At least one out of five fatal drowning victims are children aged 14 and younger.

Following simple safety steps can help prevent tragedy. If you have a pool on your property, be sure to secure access to the pool via a fence with a lock or other pool barrier. Keep the area well lit at night, with safety and rescue gear available nearby, and make sure to never allow young children to swim unattended or near the pool unsupervised. Keep your pool area clear of balls and other toys, as this can prevent children from entering the pool area unsupervised, or leaning over the water to grab a ball.

If you take your children swimming, make sure to not rely on air-filled or foam toys as primary sources of safety gear. Most swim toys such as noodles and water wings are not designed to be safety flotation devices. Life jackets for younger children are recommended. If your child is preschool-aged, an adult should be within reach of a child at all times. Older children should have a swim buddy and never swim without adult supervision. Adults, when supervising, should not engage in distracting behavior such as mowing the lawn or playing cards. Finally, enrolling your child in formal swim lessons can teach them both how to swim, and how to act responsibly and safely around bodies of water.

If you have a swimming pool, make sure to protect yourself. Talk with your agent about ways to prevent risk ,and properly cover yourself in case of accident. By engaging in simple safety steps, you and your family can avoid risk and injury to yourselves and others, and safely enjoy summer weather.

The Importance of Policy Reviews

One of the most common concerns consumers of any service have is cost. Customers deserve and demand quality products and services at market-competitive prices, and one of the most important jobs of an insurance professional is to strike a balance between benefit and cost.

The most effective way to ensure that you are receiving both from your insurance package is to schedule a full policy review with your agent. Sitting down in person and reviewing the current setup, and discussing important life events such as birthdays, graduations, and retirements in order to identify possible necessary changes can save you and your family time, stress, and money.

During a policy review, an agent will discuss current coverage and suggest adjustments that can prove critical should the unexpected occur. Additionally, if you and your family are looking to trim the budget, your agent can look closely at your discounts, to make sure every possible option is explored.

Policy reviews can ensure that you and your family have the coverages you need at a cost you can afford. Don't leave yourself with a coverage gap! Call your agent today and schedule a time to meet and discuss your policies!

The Benefits Of Working With An Agent

The insurance marketplace has become an extremely competitive environment over the past decade. The emergence of carriers that conduct their business almost exclusively via call center or Internet has highlighted the need for agencies to demonstrate their value in new ways.

While the premium difference one can occasionally see by choosing an online-based carrier is one factor to consider, working with a local agent can provide substantial benefits beyond simply premium costs to you and your family.

Local agents can be helpful with the claim process. A good agent can walk you through the process step-by-step, keeping you informed of your options and addressing any questions or needs that arise. Given that an insurance claim is the biggest moment of truth you can have with a carrier, there is significant value in dealing with the same person throughout, rather than a call center team.

Additionally, the relationship with a local agent can assist during aspects of the billing process as well. An involved local agent can identify discounts that could help save you money, can identify potential rate changes and work with you to find solutions that both fit in your budget and provide proper coverage for you and your family.

Finally, working with a local agent can provide you peace of mind. A local agent is able to know you and your family beyond a policy number, and is able to know your family's unique needs. They can grow with you and your family, and you can rest assured knowing that when you call to ask a question, file a claim, or pay a bill, you are more than just a number on a screen.

If You Are Involved In A Car Accident...

...Here are some tips:

-Do not admit fault!

-Call the police! Having the police issue an incident report and information exchange form can be immensely helpful during the claim process. It can also ensure that the facts of the accident are recorded by a third party.

-If you feel hurt in any way, shape or form, seek medical care. Remember, cars can be fixed quite easily in time, but taking risks with your health is not the best course of action!

-Contact your agent. Explain what happened and be prepared to write down claim information, such as the claim number and your adjuster's name and contact information. Make sure you provide multiple methods of contact, so as to simplify the claim process.

How The Housing Market Affects Your Insurance Coverage

One of the more common questions we field from our clients is in reference to the amount of coverage to carry on their homeowners insurance. According to the Chicago Sun-Times on May 25th, home values in Illinois have decreased over the past two years, and only recently began to experience their first increase in value. With the loss in market value, people everywhere are looking to save money where they can, and attention often turns to the amount of coverage clients carry on their home.

One thing to keep in mind when evaluating a homeowners insurance policy is that there is not necessarily a correlative relationship between a home's market value, and the cost to rebuild a home. Remember that homeowners insurance primarily covers the construction cost of a home due to a named peril. An insurance company calculates the replacement cost of a home based on factors such as construction quality, materials used, square footage and the type of home. We use those metrics as well other factors to determine what it would cost to rebuild your home in the event of a catastrophe.

The market value of a home, however, is not entirely based on concrete measurables. It can factor in location, school district, the size and value of the lot, and the local economy. One could take the same home, put it in ten different towns or cities around the area, and likely have ten very different market values. The reconstruction cost, however, will not have as much variance to it, as the cost of building materials won't vary too greatly between, say, Wilmette and Gurnee.

The best course of action when trying to determine the appropriate amount of coverage for your home is to consult your agent. We can always run through our cost estimators and work with you to find an amount of coverage that you can be comfortable with, and one that will protect your greatest investment.