When you’re looking into home insurance, you’re looking to cover not only the building that is your house, but your personal possessions contained in the house that make it your home. So it makes sense to know what it is that you’re covering with a home inventory.
A 2012 survey from the National Association of Insurance Commissioners (NAIC) revealed that over 50% or Americans don’t have a home inventory. If you’re part of this statistic, you should do what you can to change that. It seems overwhelming, but it’s probably easier than you think. And there’s good reasons that you should do it. A home inventory will
- Help you decide how large your home or renters insurance policy should be
- Help to streamline any claims you need to make against that policy
- Provide useful records of losses during tax season
Creating the Inventory
- You’ll want to be prepared beforehand. Decide how you plan to keep the inventory (on paper, in a spreadsheet, etc.), and gather the materials you need. Also consider creating a dedicated work area.
- It’s easiest to conduct the inventory one room at a time. It’s a good way to organize it, too.
- For big-ticket items, you’ll want to have a description of the item, a serial number, a purchase date, and item value. If you still have a receipt, this can take care of some of those for you, as well as providing corroborating evidence. It’s more accurate than guessing when you bought something or estimating how much it’s worth.
- For smaller purchases, like clothing, you can group similar items together. Of course, make a note of any items that have particular value.
- Take pictures of each item as it’s added to your inventory. You can even consider doing a walkthrough of your home while you take a video, describing things out loud while you record.
- After your initial inventory is created, make sure to update it—as soon as possible after major purchases, and at least annually for all other items.
Securing the Inventory
No matter what form your inventory takes, it won’t do you any good if it is lost in the same incident that requires you to need it. You should always have a copy of it stored in an alternate location. If you have a physical copy, consider storing it in a fire safe and keep a back-up copy outside the home. If it’s digital, there are a plethora of personal cloud storage options for you to use as a backup. Don’t just keep it on the hard drive of your laptop, where it could get deleted or corrupted.
If you need insurance solutions like home or renters insurance, visit Priority Insurance today.
While there are many reasons to get life insurance, one of the most common and most important reasons that people choose to get life insurance is to ensure that their families are taken care of after they are gone. But how do you know how much insurance you need? Here are some factors for choosing the right amount of life insurance for your family.
Consider the Financial Impact of the Family Member’s Death
In many single-income homes, only the working parent is insured so that, in the event of an untimely death, their family will still have something to live on. But any family member’s death can have a financial impact. If the stay-at-home-parent were to die, then child care may become a significant cost that wasn’t present before.
This is just one example. When you decide who to insure in your family and for how much (it doesn’t need to be the same amount for everyone), be sure to take into account the financial impact of any family member’s death.
Consider Debts, Investments, and Savings
When deciding on life insurance, you need to consider more than just the lost income from the family member’s death. If your family has significant debts, like a mortgage, it could be wise to increase insurance coverage above the remaining balance on those debts, so that surviving family members don’t have to worry about how they will continue to live. On the other end of the spectrum, if you have significant investments and savings, life insurance will probably not be as critical for your family’s continued comfort.
Consider Whether Your Employer-Provided Benefits Are Sufficient
Many employers offer some basic death-benefit coverage, and some people fall into the trap of thinking that because they are already covered, they don’t need life insurance. However, many of these policies don’t cover much more than funeral expenses, when all is said and done. It often makes sense to supplement the basic coverage, whether through opt-in programs with the employer’s plan or independently.
When you’re looking into life insurance, contact Priority Insurance to request a quote.
Get Coverage for your next Summer Trip
Is your Pinterest filled with travel boards? Are you constantly perusing travel sites, searching for your next adventure?
Traveling isn’t for those who like to play it safe, but there are ways to stay safe while you travel.
Travel Insurance helps cover any medical costs or financial losses that occur while traveling. This insurance covers you in your own country as well as internationally. There’s no need to stress about a long-term commitment, travel insurance is usually temporary and can be purchased at the time you book your trip.
Whether you need it for the duration of your trip or cover a number of trips within a certain amount of time. Coverage usually includes:
- Emergency evacuation
- Medical emergency
- Trip Cancellation
- Lost or Stolen Baggage
- And more.
Visit Priority Insurance to set up the best plan for your next trip.
Buying your first home is a huge life decision and can involve an array of emotions. There are many things involved in buying your first home and selecting the right home insurance is one of them. Making a decision can be exciting, a little scary, and overwhelming.
There are three important things you want to look for when making a decision on the right home insurance policy for you:
- Coverage for Home’s Structure – this protects your home from any disaster including fire, hurricane or other disaster. You want to buy enough to be able to rebuild your home after damage occurs.
- Coverage for Personal Belongings – this covers the amount of valuables in your home that were stolen or damaged by a fire including clothing, furniture, and other personal items. It is best to create a home inventory before choosing the right amount of coverage for you.
- Liability Protection – protects you from any lawsuits from an injury a guest received while in your home. This policy also protects in case you, any family members, or pets cause to another person or their property.
To get the best deals and coverages on home insurance talk with a representative from Priority Insurance.
Your wedding should be the best day of your life, rid of stress and completely worry-free. Weddings are an extremely large expense with the average wedding in the U.S. costing upwards of $30,000. With an investment that large it is important to look into financial protection. Wedding insurance isn’t as well known or talked about in the wedding scene but is a worthwhile resource to look into.
Wedding insurance covers a wide range of circumstances including damage to wedding attire (i.e. wedding dress, tuxedo), losing a deposit in case of bankruptcy of a vendor, cancellation of the event because of illness, injury, extreme weather, or military service, and most importantly covers liability of a third party or liquor.
Priority Insurance will find you the best option possible for you and your significant other and allows you to pick and choose what you need coverage for. To plan ahead call priority insurance today for a free consultation at 864.297.9744.
Many celebrate the summer months with recreational boating and water sports.
As fun as boating may be it can also be a dangerous activity. Boat accidents are never planned but are a reality that boat owners need to recognize.
Unfortunately, not all homeowners insurance provides coverage for boats like some may assume. Priority Insurance offers plenty of options for personal and commercial insurance providers to get you the coverage you need.
Boat insurance covers:
- Bodily injury caused to another person
- Property damage to another person’s property
- Guest passenger liability
- Medical payments for injuries to boat owners and passengers
To request a quote and additional information, contact Priority Insurance today.
“We always have Options”
Instead of being a one-focused insurance company, we are all in one, offering a variety of options for our clients. Auto and Home insurance aren’t the only insurance coverages a person should make a priority. Priority insurance offers commercial insurance for any business looking to stay covered in case of robbery, natural disaster, or other incident. Booming businesses need the reassurance that an agency will replace any lost materials in a serious event.
Priority Insurance takes care of local businesses and assists with the selection of the right commercial insurance for any company at an affordable rate.
Request a quote today by phone 864.297.9744 or on the web at priorityi.com.