Hurricanes and Home Inventory
Hurricane Preparedness
Hurricane season is from June 1 to November 30 each year. If you live in Florida, you probably received a guide from your Insurance Company to help prepare for the season. If not, check out your county website for Emergency Management tips and guides.
As I reviewed the guide I received from Edison, the contents on a couple of pages stood out.
GETTING STARTED:
Coverage: Review your policy NOW. Once storms start to threaten an area, the agents are not able to make changes to policies. And because multiple carriers are dropping customers with only 45 days’ notice, you must know your coverage, deductibles, and limits before you suffer damage or need to make a claim.
Documents: Wind and water damage occur with most storms so keeping your documents in a safe and waterproof location that you can retrieve easily is very important.
Photos: Pre-storm photos or videos of EACH ROOM of your house will expedite any claims you submit. Be sure to take both interior and exterior photos of your property.
Additional Links:
Visit Florida–FAQs Travel during Hurricane season
FEMA: Hurricanes
https://www.fema.gov/emergency-managers/risk-management/hurricanes
Home Inventory
We all know we need a Home Inventory for Insurance Claims (Disasters and Theft) and to set the Proper Amount of Coverage based on contents. You don’t want to set it too high and pay for more than you need or set it too low and not be able to replace the contents, especially now with the rising costs of appliances, furniture, and other home items.
We also need a Home Inventory for Property Transfers. These transfers could be between Investors buying and selling a property or between Family Members due to Inheritance or Divorce.
Estate Planning can also be a reason to complete and update a Home Inventory so that valuables and heirlooms, as well as collectibles, can be appraised and plans for where these items are to be distributed after death can be documented.
However, a paper inventory from an insurance company is typically 14 pages in length and requires photos and receipts to be matched to the items in the rooms. Consequently, very few owners actually ever complete or update their inventories! Be honest, have you ever completed a full home inventory? If it makes you feel any better, most Home Organizers don’t have one either!
Thanks to the technology available with a phone or camera and secure online storage, Home Inventories are much easier to create now and provide the proof needed for insurance claims, transfers, and replacement.
Home Inventories by Organized Occasions
Using Pinventory ® Home Inventory (an online secure website and app) our team takes photos and creates an online catalog and a printable summary for owners and property managers. Below is an example of pictures taken of the Master Bedroom and Bath at a condo that is rented on AirBnB. Additional documents can be added by the owner (purchase receipts, service tickets with warranty info, model numbers) or given to us to add. All documentation is stored on one secure site and as items are added or deleted from the property updates are quickly made to reflect the adjustments.
We have identified 3 Specific Markets in Northwest Florida.
Investor Property: Purchases a Condo or Beach Home for Short Term Rentals; Fewest Number of Items; Most Frequently Replace Items due to wear and tear; Annual Updates Suggested to maintain current values and warranties.
Second Residences: More personal items in the home or condo than Investors; Warranty and Service Schedules are often overlooked due to infrequent or seasonal use.
Full-Time Residences: Every space is filled; Collectibles, Jewelry, Tools, Toys; Remodels, and Replacements need to be documented as value increases.
Cost for Completed Home Inventories: Based on Square Footage and type of Ownership
Investor Property: Interior–7 to 10 photos of each room capturing all 4 walls, floor, ceiling, and art or appliances. Exterior photos if necessary.
Second Residences: Additional photos and details of items. Interior and Exterior.
Full-Time Residences: Photos and details along with supporting documentation. Interior and Exterior.
Annual Updates: varies by the amount of time required to capture new items
If you have a property that you would like a Home Inventory to be created for, or to learn more about Home Inventories by Organized Occasions, please send an email to Gretchen Carter, Home Inventory Specialist, at GCarter@Organized-Occasions.com,
817-797-0870
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