Monday, October 16, 2006
Are you organized in case of a fire in your home?
Recently, clients of mine lost their home in a fire. They were away on vacation, but they lost their dear cat. This was an "attention getting" experience for them and I want to share it with you.
They considered themselves "organized" people but lost all of their financial documentation in the fire. Most of us keep copies of our bank statements, brokerage statements, 401k plans, insurance documents, wills, Powers of Attorney, prescription information... in a file cabinet in our homes. But in a case like this, they wish they had kept a copy somewhere else. They did have a lock box at the bank, but the only key melted in the fire. It has been a headache.
Take time to do what you can to avoid this situation:
1. Make a video of your home contents. It will help when the insurance adjuster needs to inventory what you lost.
2. Add up the value of your home contents. Do you have proper insurance coverage?
3. Keep a copy of your important documents in another location (maybe another state in case of hurricane or tornado).
Taking the time now may save you a headache in the future. Prioritize, Organize, Simplify.
They considered themselves "organized" people but lost all of their financial documentation in the fire. Most of us keep copies of our bank statements, brokerage statements, 401k plans, insurance documents, wills, Powers of Attorney, prescription information... in a file cabinet in our homes. But in a case like this, they wish they had kept a copy somewhere else. They did have a lock box at the bank, but the only key melted in the fire. It has been a headache.
Take time to do what you can to avoid this situation:
1. Make a video of your home contents. It will help when the insurance adjuster needs to inventory what you lost.
2. Add up the value of your home contents. Do you have proper insurance coverage?
3. Keep a copy of your important documents in another location (maybe another state in case of hurricane or tornado).
Taking the time now may save you a headache in the future. Prioritize, Organize, Simplify.
