Personal Property Spreadsheet

Quick..... You have just gone out to dinner when you get a call from a neighbor, your home is on fire or someone has just broken into your home. Do you know what property is in your home? Most people have no idea what is in their home, what the model/serial numbers are or even the estimated value of all their personal property.

In order to assist my clients, I have created a spreadsheet to help you track, by room, of what personal property you have, when you purchased it, what the model and serial numbers are, and the estimated value. Just respond to this blog and I will send you this valuable spreadsheet.

Here are my recommendations on how to use this spreadsheet. Pick one room per week and fill out as much information on that room as you can. Next week, pick out another room until you have completed your entire home. I would then take pictures of your major possessions like artwork, jewelry, and valuable objects. Next, keep a copy of this spreadsheet in your computer, print a copy and place it and the pictures in a safe place and download the spreadsheet onto a flash drive and give it to someone you trust/or place it in a safe.

By doing the above process, you will be able to update the inventory list every few years without have to do the entire process over again.

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Properties policies in the name of a trust

If you have either a home, condo or landlord policy insured in a trust, you need to make sure that the trust is named on the policy as an "additional insured". Like yourself, the trust needs to be named on your policy for the insurance protection.

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What to do if you are involved in an auto accident.

I often receive calls from my clients that have just been involved in a car accident and they do not know what to do. So I have enclosed some suggestions if you are ever in this situation. Remember, your cell phone takes great pictures and is always handy.

1. Stay calm - Determine the extent of injuries or damage. If needed, obtain medical assistance.

2. Call the police to file an accident report - Do not leave the scene of the accident unless your safety is at risk.

3.TAKE PICTURES! Use your cell phone to take pictures of the position of all the vehicles involved and all vehicle damages.

4. Limit any discussion of the accident - Talk only to the police and your insurance agent or company. Most insurance companies have an after hours claims number you can call. If you do talk to the other drivers, do not admit fault at the scene or at any time. Let the insurance adjuster determine who was at fault.

5. Get the facts and essential details at the scene - Information you need to collect includes:

date, location and time of the accident;
name, address, email and phone number of the other parties;
license plate numbers on all vehicles;
drivers license number of all drivers;
insurance company name, policy numbers and effective dates of all drivers;
names, addresses, and phone numbers of all witnesses.

take pictures of damage to all vehicles and positions of all vehicles.


Hope you don't ever need this info but if you do, I hope it is helpful.

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Insurance 101

Purchasing insurance for your car, motorcycle or ATV is not only the law but also a task you should go into with a little bit of insurance knowledge. Our hope is to give you the tools to make the right decision for your individual needs and requirements.

Determining what company you choose to purchase your insurance from is the first step. Many people want the cheapest insurance possible. However, it is more important for you to get the right coverage rather than the cheapest insurance. What you should be concerned with are a combination of cost, coverage designed for your specific needs, customer service (can I reach my agent or company 24 hours a day), claims service and will your insurance company be there when you need them most.

We want you understand your coverage. That is why we try to examine and explain each of the coverage you currently have to make sure it fits your real needs. We have compiled a list of some of the coverage with an easy to understand description of these coverages; the more you are informed about your insurance needs, the smarter decision you can make.

Your Auto, Motorcycle, ATV insurance is required by law and by your lien holder on your vehicles. State law requires you to have both BI (bodily Injury – coverage if you are at fault for an accident and your cause injuries or death to others) and PD (property damage – coverage if you are at fault for an accident and cause damage to others property). Arizona requires BI coverage of $15,000/$30,000 and PD coverage of $10,000. We recommend that the PD coverage be at least $25,000, which usually only costs about $5.00 more every 6 months.

UM/UN (Uninsured and Underinsured coverage) is not legally required but helps cover you if you are involved in an accident where the other party is at fault but does not have any or enough coverage to pay for your medical injuries. Collision coverage pays for damage to your vehicle (subject to a deductible) and Comprehensive coverage pays for glass repairs/replacement, theft, and vandalism to your vehicle (subject to a deductible, except if you have full glass coverage for your auto glass)

Your Home, Condo or Landlord property is the largest purchase you will ever make in your lifetime. Our hope is to give you the tools to make the right decision for your individual needs and requirements. Be sure your property insurance policy includes enough coverage to replace your property if totally destroyed (replacement cost), enough liability coverage to protect your assets in case of a law suit judgment due to a liability claim ($300,000 minimum if you have a pool), enough insurance to cover your personal property (clothing, furniture, jewelry, electronics), and a deductible you can handle if you do file a claim (coinsurance). A list of all of your household possessions is a need to have. That would include description, model and serial numbers, when and how much you paid for it. We have created a simple spreadsheet for this process, available upon request.

As a Renter, your insurance needs are different than a property owner’s needs. When you rent an apartment, condo or home, you are not insuring the property. Your only concerns are for your personal property (clothing, furniture, jewelry, electronics), liability coverage ($100,000 required by most apartment complexes), and a deductible you can handle if you file a claim (“coinsurance”). Most apartments require you to name them as “an additional insured” on your policy. That way, they receive   a copy of your policy with any policy changes. A list of all of your household possessions is a need to have. That would include description, model and serial numbers, when and how much you paid for it. We have created a simple spreadsheet for this process, available upon request.

Hope this helps. Please let us know if you need additional information.

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Six reasons you do not need life insurance

I know it's not sexy or comfortable to talk about, but it is the most important thing you can do for your loved ones to help provide a secure future for them, if you are not around.

Although my job is to sell insurance of all kinds, here are the main reasons we ask every customer about life insurance.

It's the most important insurance you can buy. You cannot be replaced. We can replace your auto, your home, but not your life. There are two major types of life insurance, Term (least expensive) which lasts for a specific time (usually 10-30 years) that only offers a death benefit and Permanent (more expensive) but offers a cash value and a death benefit. Which is best for you? Only by talking to a life insurance specialist can you know for sure. Personally, I like a combination of both which allows you to get the best bang for your buck, but again, every case is unique.


Here are six reasons why you do not need life insurance.

1. You are never going to die.

2. You are going to inherit a fortune.

3. You are going to win the lottery.

4. Your children are going to support you.

5. You are never going to retire.

6. The government will take care of you and your family.

Just in case you do not believe these six reasons, please contact me. We would like to discuss your family's future with you.

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ABCs of Home Insurance in AZ

Ever wonder exactly what the different coverage are for on your policy? Here is a helpful description that is easy to understand. If you have questions about your policy, just contact me and I will be happy to go over it with you.

AZ State Law 44-1208 states that mortgage companies cannot require a homeowner to obtain more insurance than the replacement cost of your home, as determined by your insurance company. Below is the exact law.

44-120844-1208.  Loans secured by real estate; prohibited practices; insurance

Except for consumer lender loans regulated pursuant to section 6-636, for any loan that is secured by real property, a person shall not require as a condition of the loan that the borrower obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer. 44-1208

BASIC COVERAGE

Dwelling Protection.
Coverage includes for the home you live in and other structures attached to it, such as a garage, deck or fence.

Other Structures Protection.
Coverage for other buildings on your property that is separate from your home, such as an unattached garage, shed, or gazebo. This coverage is usually 10% of the dwelling coverage.

Personal Property Protection.
Coverage includes loss of furniture, clothing and other contents if stolen or damaged, this coverage is usually 60% of the dwelling coverage. There are limits on certain personal property such as jewelry, computers, guns and cash.

Additional Living Expenses.
Coverage that reimburses you for reasonable increases in living expenses when a loss occurs that your insurance company covers which  makes your home uninhabitable. This may include payments for the cost of rent, hotel, food and other expenses.

Guest Medical Payments.
Coverage payments for necessary medical expenses including surgery, x-rays and dental work if a guest is injured on your property.

Family Liability Coverage.
Coverage to protect you if you are sued for damages after someone is injured on your property. If your property contains a swimming pool, we strongly suggest a minimum $300,000 in coverage.

Deductibles.
The amount of co-insurance you have on your policy that you are responsible for any claim.

OPTIONAL COVERAGE

Scheduled Personal Property.
Coverage that protects certain personal property such as jewelry you have itemized on your policy in case of loss, theft or mysterious disappearance.

Extended coverage on Jewelry, Watches and Furs.

This coverage would increase the amount of basic coverage you have on your policy on these items.

Building Code.
Covers increased re-building costs due to the enforcement of any building codes, ordinances or laws regulating construction, maintenance or demolition of your home.

Water Backup.
Helps cover damage in your home from backed up drains or broken sump pumps.

Identity Theft Restoration.
If your identity gets stoles, this coverage can help you with legal work, phone calls and lost wages.

Hope this information is helpful.

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ABC's of AZ Auto Insurance

Ever wonder exactly what the different coverage are for on your policy? Here is a helpful description that is easy to understand for AZ auto insurance. If you have questions about AZ auto insurance, just contact me and I will be happy to go over it with you.

REQUIRED STATE COVERAGE

BI Bodily Injury
Coverage includes for injuries or death to other people involved in the accident if you are at fault for the accident. State minimum coverage is $15,000 per person and $30,000 per accident.

PD Property Damage.
Coverage for the repair or replacement on another driver's vehicle or property if you are at fault for the accident. State minimum coverage is $10,000 but we always suggest at least $25,000.

OPTIONAL NON REQUIRED COVERAGE

UM Uninsured Bodily Liability.
Coverage includes for injuries or death of other people involved in the accident if the driver at fault for the accident does not any liability coverage.

UN Underinsured Bodily Liability.
Coverage includes for injuries or death of other people involved in the accident if the driver at fault for the accident does not enough liability coverage.

Medical Payments
Coverage pays for some of your medical costs or funeral expenses if you or anyone in your vehicle is injured in an accident.

Collision
Coverage that pays for the damage to your vehicle if you collide with another vehicle or something else. This also includes Hit and Run incidents. Collision coverage is subject to your collision deductible.

Comprehensive
Coverage pays for damage or loss to your vehicle caused by something other than a collision, such as glass, theft, vandalism, windstorm or hitting an animal. This coverage can come with either FULL GLASS COVERAGE, no deductible, or is subject to your comprehensive coverage.

TOW AND LABOR
Reimburses you for a towing and basic roadside assistance expenses, such as dead batteries. This coverage is limited to the limits you request, either $50 or $100.

Rental Reimbursement
Repays you for the cost of renting a car while yours is in the shop being repaired due to a covered accident, for up to 30 days. This coverage is limited to the daily limits you request.

Sound System Coverage
Protects your investment from theft or damage if you installed a non factory sound system in your vehicle. This includes, radios, amplifiers, TV's, DVD players, etc.

Hope this information is helpful.

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