Month: March 2017

If you have renter’s or homeowner’s insurance…..and you have a loss …. in order for the adjuster/company to reimburse you, you will need to provide “proof of loss” – pictures, inventory, receipts, etc. Your insurance carrier is not just going to write you a check. Insurance is never meant to “better” you, just to indemnify, or reimburse, you for losses. Therefore, you will need to prove what you lost because of the fire, or burglary, etc.

There are companies that will come in and do an inventory for you (for a fee, of course). OR, you can just do what I call the “hokey pokey” – go to each room and slowly, slowly turn in a circle while holding your camera. Try to focus on things of high value as opposed to electronics and clothing or shoes which rarely hold any real value after purchase. (example; I bought a 42 inch flat screen HD TV back in 2006 and paid $998 for it – you can go to WalMart today and by the exact same TV for just under $500 now.) It is generally a thought process of “do I want to have to go to GoodWill to replace my belongings cause I’m too busy to do an inventory or save receipts? OR, do I want to be able to go to a higher end store to replace my belongings?” It is your choice, but I encourage taking a few minutes to do this.

Loan/Lease Gap Coverage – What is it and why should I buy it?

In case you didn’t know. When you take out a loan for your new car/truck, be SURE that the lender puts loan/lease gap coverage on your loan. If your vehicle is totalled in an accident, the insurance will offer you a “totalled value” which is probably less than you still owe your bank, seeing as how the vehicle is now worth MUCH less in totalled condition. You end up owing your bank the difference. This can only be done at the start of your loan. If you don’t and you have the bad luck to total your car that you still owe a lot of money on – the insurance offers you the “totaled value” which is not enough to pay off your loan-but you still need a car, right? So you go out and get another car with another loan and now you are in a situation we like to call “upside down on your loan”. You owe WAY more than you could ever get out of it.