On June 5, 2022, one of the staff of Roger R. Foisy faced tragedy as she lost her entire home to an apartment building fire. She and her two children were left with only the clothes on their back as they faced damage and unfortunately were not able to return to their home.
As we see the personal impact of accidents and the dangers of losing your belongings, we wanted to encourage everyone to take the time to review their home insurance policy. Ensure that you have enough insurance to cover your belongings and the correct insurance for your possessions. Depending on the types of accidents that may occur, it is important to make sure you are protected from certain damage like floods or sewage, which have special coverage limits.
With this reminder, it is also important to make an inventory note of the valuables you have in your home. Making sure you have a record of the exact property you own ensures that you can obtain the correct assets with as little difficulty as possible.
Verify Your Home Insurance Coverage
Home insurance is there to protect you and your family in the event of an accident, fire, or robbery. It is important to make sure that your home insurance coverage is up to date, otherwise, you could end up being underinsured and vulnerable to financial losses.
Checking your home insurance coverage on a regular basis can help ensure that you are adequately protected in the event of an unexpected incident. Here are a few tips for checking your home insurance coverage:
- Make sure that your policy covers all your personal belongings. This includes items such as jewelry, art, and electronics.
- Consider increasing your protection if you have recently made improvements to your home, such as adding a new extension or renovating an older property.
- Check what protection is included in case of accidental damage, such as fire or flooding. You may need to purchase additional coverage if you live in an area at risk of these hazards.
- Make sure that you are aware of any exclusions in your policy. For example, many policies will not cover damage caused by earthquakes or floods.
By taking the time to check your home insurance coverage, you can be sure that you and your family are adequately protected in the event of an unexpected incident.
Inventory of Valuables
If you own valuable items, it’s important to document them for insurance purposes. If your home is damaged by fire or flooding, or if you are the victim of a robbery, having a detailed list of your possessions will make it easier to file a claim and receive compensation from your insurance company. To create an accurate inventory, follow these suggestions:
- Take photos or videos of each item and make note of any distinguishing features.
- Consider taking a video of all your belongings, and not just your valuables. This will help you identify the exact items you possess in case of loss, and better guarantee that when insurance replaces those items, they are the same or of equal quality.
- Update your lists regularly as you acquire new items.
- Make sure to open drawers and closets as you record your belongings. We often forget to make notes of items that have been put away.
- Save copies of receipts, appraisals, videos, and photos in an online cloud as a backup in case you cannot access them. This will guarantee you are able to provide your insurance company information despite your losses.
We recommend that you consider reviewing your home insurance coverage and taking inventory of your belongings on an annual basis. Choosing an easy-to-remember date like Fire Prevention Week (the week of October 9) and making a note in your calendar can help you ensure you are adequately compensated if the worst should happen.
Roger R. Foisy & Associates would like to thank members of the community who made donations and contributed their time to help our staff member in their time of need.
If you have sustained a personal injury or disability, please contact Roger R. Foisy & Associates for a free consultation or call us at (905) 286-0050.