Do an insurance checkup to protect your biggest investment
PLUS...Safeguard your cell phone from hackers!
Your homeowners' insurance covers your biggest investment. Plus, the liability insurance that comes with it protects the rest of your assets. But most people don't think about insurance until they have a loss and if they don't have enough coverage, by then it's too late.
The right time to think about insurance is once a year, every year. Meet with your insurance agent and review the "Coverage Limits" page of your policy. This lists the maximum amount the insurer will pay under each type of coverage.
1. Building/Dwelling Coverage. This is the maximum you will receive to completely replace your home--structure, roof, doors, walls, windows, kitchen, bathrooms, heating and cooling systems-everything. Take the cost per square foot for new construction in your area and multiply that by the square footage of your home to arrive at the coverage you need. Ask your insurance agent if you should also have "Extended Replacement Coverage" and "Building Ordinance Upgrade" coverage. The value of your land usually doesn't require insurance.
2. Personal Property Coverage. This insures everything in your home--clothes, furniture, electronics, flatware, small appliances, etc. You should have enough coverage to replace it all in the event of a total loss. Special items like good jewelry, artwork, coin collections, etc., might have to be insured on a separate "rider" to get their full value in the event of a loss.
3. Liability Coverage. Homeowners' insurance normally includes liability protection if someone is injured on your property. The usual coverage is $100,000 or $300,000, which is enough if your net worth is less than that. If your assets are larger, ask about an "Umbrella" policy to take your coverage to $1 million or more. It won't cost that much more for complete peace of mind.
4. Find out what isn't covered. Things like earthquakes, floods, other special occurrences and business activities are usually not covered in a standard homeowners' policy. Ask your agent if it makes sense to get separate coverage if available.
5. Consider raising your deductibles. In the event of a loss, the deductible is the amount you pay first, out of pocket, before the insurance covers the rest, up to your policy limit. Raising your deductible will lower your premium, but it requires you to pay more if you have a loss.
KEEP HACKERS OUT OF YOUR CELLPHONE!
Cell phone hacking has been in the spotlight, thanks to the activities of British journalists from Rupert Murdoch's News of the World. Their illegal actions may have interfered with criminal investigations, clearly invaded the privacy of celebrities and quickly resulted in the 100-year-old tabloid shutting down, having lost the support of its advertisers.
One good thing to come out of this is people are now aware of how vulnerable their cell phone voicemails are. Journalists may not be interested in us, but why let curious strangers listen to our messages, much less ex-partners or bosses.
To protect your cell phone and keep those voicemail messages private, always create your own security PIN code for your cell phone voicemail. Most people don't bother to change the default PIN code that came with the phone. It's very easy for hackers to find this default PIN for any cell phone brand or network. Once they do, they can access your voicemails from almost any phone on the planet.
If you don't know how to set up your own security PIN code, call your cell phone network customer service number or visit their website. Come up with a PIN code that's hard to crack. DON'T use your birthday, street or apartment number or zip code. As a final precaution, always delete cell phone messages once you listen to them.
P.S. Thinking of upsizing, downsizing or staying put? With today’s affordable home prices and near historic low home loan rates it makes sense to call or email now to discuss your situation.
We're always glad to answer any questions.... Have a great day!
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