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Rocky Mountain Insurance Information
NEWS
6565 South Dayton St. #2400, Greenwood Village, Colorado 80111
Serving Colorado, New Mexico, Utah & Wyoming
Contact: Carole Walker, Executive Director
(303) 790-0216 or 1-800-355-9524
Release Date: Immediately
Topic: Insurance
COLORADO'S WILDFIRE DANGER IS AN EARLY SEASON WAKE-UP CALL TO CHECK INSURANCE & DO A HOME INVENTORY.
January 10, 2006 -Governor Bill Owens' announcement of a ban on open fires in response to the dry, windy conditions that have sparked wildfires across southern Colorado is an early season wake-up call to homeowners that now is the time to help make sure you have the financial protection you need to rebuild your home and replace your personal belongings.
The early fire season is an added incentive to make some resolutions that have an impact on your pocketbook and offer you financial peace-of-mind. “The New Year is a great time to get organized and do an annual insurance check up,” says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. “And if you've been putting off doing a home inventory of all your stuff, you can get started by using some of those holiday gifts, such as a digital camera or a camcorder to help you get started—then add those, along with that new plasma TV, to your list.”
Consider adding these 2006 Insurance Resolutions to your list:
RESOLUTION #1: CREATE A HOME INVENTORY
- Make a home inventory that includes lists, pictures or a videotape of the contents of your home. After all, would you be able to remember all the possessions you've accumulated over the years if they were destroyed by a fire? Having an up-to-date home inventory will help get your insurance claim settled faster, verify losses for your income tax return and help you purchase the correct amount of insurance.
- It's easy to get overwhelmed, but RMIIA now has free software that you can download to help simplify the process! You can even add digital photos and scan in receipts, along with your room-by-room online inventory. Log on to www.rmiia.org to download free home inventory software or a sample home inventory.
RESOLUTION #2: DO AN ANNUAL INSURANCE CHECK UP
- Insurance is something most people don't even want to think about until they need it the most. But, understanding what is and isn't covered in your homeowners' insurance policy can mean the difference of being able to rebuild your home and replace your personal belongings. Homeowners need to do annual insurance policy "check ups" to make sure they keep up with local building costs and have adjusted their coverage to include home remodeling and additions.
- If you don't have replacement coverage, consider spending a few extra dollars for coverage that pays for the cost of replacing the damaged property without deduction for depreciation.
RESOLUTION #3: KNOW WHAT IS & ISN'T COVERED
- The typical homeowner insurance policy covers damage resulting from fire, windstorm, hail, water damage (excluding flooding), riots and explosion as well as other causes of loss, such as theft and the extra cost of living elsewhere while the structure is being repaired or rebuilt.
- Your policy also covers your legal liability (up to policy limits) if you, members of your family or even your pets hurt other people or their property, not just in your house, but away from it, as well. If you have a lot of assets to protect, you may want to consider an umbrella policy that offers increased protection against lawsuits.
- The standard policy does not cover flooding, so you may want to look into flood insurance coverage if you're concerned that you're at risk for rising floodwaters.
More on home inventories - download free software.
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Rocky Mountain Insurance Information Association is a non-profit consumer information organization. Affiliated with the Insurance Information Institute, RMIIA has been serving consumers and the media since 1952.
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