The Importance of a Home Inventory

Florida HomeSpring is in the air! Time to clean, get your home in order and take inventory! Wait… take inventory?

That’s right! How will you ever know what you have to lose if you don’t track it? And really, do any of us know what is in our homes? It’s amazing how quickly all that “stuff” accumulates.

What is a Home Inventory?

A home inventory is a complete list of your belongings. The list should include photos and information on the worth of your contents. If you do not have one now, don’t fret. You are not the only one out there that hasn’t started this process yet. A recent Allstate Insurance survey of Atlanta homeowners found that while than more than 90 percent of homeowners are concerned about protecting their homes, only 41 percent had ever documented or valued their contents. Knowing and cataloging these items can be time-consuming, but may save you a lot of time and frustration later on.

Why It’s Important?

If your home is damaged by a storm or other peril, a printout of all your damaged valuables could be quite useful. Documenting your home inventory in advance can help save time and reduce frustration after a disaster. In the event of a loss, an accurate home inventory can make filing a claim much easier. It is also a great way to discover your true net worth and ensure that you have adequate coverage for your belongings.

Working Smarter – Not Harder

Luckily, technology has come a long way. The “legal pad” inventory is a thing of the past! Home inventory programs now help you organize and track your valuables. Smart phones and advanced programming have made it easier to be organized and prepared. There are many programs and applications available. Here are some top-rated options:

Top Home Inventory Apps:

Know Your Stuff by Insurance Information Institute, Free

MyStuff2 by Rick Maddy Productivity, Free – $4.99

Top Home Inventory Programs:

Delicious Library 3, Mac Program, $25.00

Collectify Home Inventory, PC Program, $30.00

These are just a few of the programs and apps available for purchase or use. Please take the time to find what works best for you and your family.


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Voyages to Cuba Bring Uncertainty

Map of Cuba

Florida boaters should be cautious before making plans to navigate to Cuba.

On September 18, 2015, The U.S. Department of the Treasury released new rules surrounding U.S. travel to Cuba. The administration lifted the prohibition on boating to Cuba and Cuban waters. While the intrigue is enormous, Florida boaters should be cautious before making plans for such a Caribbean voyage. Although the U.S. government has liberalized the rules, there are many unique conditions that should be considered; political risk, crime, navigational limits available on current insurance policies, just to name a few.

The new regulations bring the marine insurance industry into uncharted territory. Insurance companies are not yet offering coverage extensions for destination Cuba. The reasons that the carriers may be slow to respond are as follows:

  • Conflicting laws and regulations between U.S. agencies
  • Lack of familiarity with Cuban laws which may govern in civil and criminal matters
  • Lack of knowledge and limited opportunities for subrogation
  • Additional expense of sending marine surveyors and claims adjustors
  • Unknown/adequate repair facilities
  • Access to repair parts
  • Towing charges if the vessel had to be repatriated for repair
  • Technical complications associated with endorsing in force policies
  • No underwriting data to base rates on

It is uncertain when insurance companies will offer this coverage to the recreational boater. In the meantime, boaters are reminded that property and liability coverage only applies to claims which occur within the navigational limits stated in the boater’s policy. Wallace Welch & Willingham will stay attuned to this situation and will continue to post updates.

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