Disaster Prep: Do You Have a Home Inventory?

 Disaster can strike anytime, anywhere.

Last year, for instance, aside from experiencing a pandemic, the U.S declared 58 disasters that caused billions of dollars in damage, according to the Federal Emergency Management Agency (FEMA).

Especially during the aftermath of hurricanes, we learn just how many Americans lack hazard insurance. Those who did have it faced the challenge of trying to figure out how to tally up their losses. It's not easy to recall everything one owns, especially when confronting devastation. Then, there are the other losses a homeowner might face, such as those from theft and fire.

Being prepared will help to avoid delays in receiving an insurance payout should you someday face a disaster.

Dig Out your Homeowner Insurance Policy
If you're like many of us, it's still in the sealed envelope in which it arrived in the mail, shoved into a box or bin of “important papers.”

Get to know exactly what coverage you have and how to submit a claim should the unthinkable happen.

Then, create an inventory of your belongings. Many people choose an old-fashioned checklist (such as the one offered by NYCM Insurance or at Allstate.com), while others use video (narrated with the necessary information), or photographs labeled with the information that insurers require when considering a claim.

Information required by insurers:

• Each item's description and the quantity (ex: 2 sterling silver candlesticks)
• Name of the manufacturer (ex: Tiffany & Co.)
• Make/model/serial number
• The date (or estimated date) of purchase
• Where the item was purchased
• The appraised value of each item (or an estimate)
• If you can’t find the written appraisal for any item, jot down the name and contact information of the appraisal company and the date the items were appraised.

Keep your Inventory Safe
It's important to find a safe spot, off-site, to store your inventory. You may choose to store it in the cloud with a backup service or save money by backing up the information to a USB drive and then placing it in a safe deposit box.

Tips from the Experts

• The Insurance Information Institute recommends that you include possessions that are stored somewhere else (like a storage facility) in your inventory.
• Keep all receipts and copies of appraisals with your inventory.
• Keep a count of each item, such as "5 long-sleeve shirts, 7 pairs of sneakers…"
• Break your inventory-taking into chunks. If you try to do too much of it at once, you may become overwhelmed and drop the project.

Finally, run the inventory by your insurance agent to ensure that you have enough coverage. The time to get clear on your insurance coverage is before a disaster strikes.

What do today’s luxury buyers really want?

 

         

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Real estate analysis is based on what has occurred in the past; it is how predictions are made and how future decisions are evaluated. The last two years have had profound lessons for our present and future. A once-in-a-generation pandemic initiated a paradigm shift: people began reimagining their ideas of home and rediscovering their essential values at the very moment when wealth was rising to historic levels around the world, thanks to rebounding stock markets and surging home equity gains. According to the latest Wealth-X data, the population of individuals with a net worth of $5 million+ reached more than 3.6 million globally. That was an increase of 19.8% over 2020 and a notable difference from 2020, which saw only a 2.2% gain over 2019. This extraordinary wealth growth led to a real estate expansion like we’ve never seen before. A new map for luxury opened up new locations and multiple homeownership in greater numbers. Home as a safe haven became the rallying cry for our time.

Where do we go from here? What opportunities should we look for?  Rather than focusing solely on the past, we are looking forward to The Report 2022. Annual statistics in the top 10% of 120 U.S. markets were analyzed with Coldwell Banker Global Luxury's partner, the Institute for Luxury Home Marketing, to provide a view into future trends that could impact luxury real estate and the next opportunities that lie ahead. Also consulted were Wealth-X to provide a global outlook on wealth, homeownership trends and where current and upcoming pockets of international affluence may reside. Wealth management expert Barry Ritholtz added his financial perspective, and as always, Coldwell Banker Global Luxury Property Specialists and colleagues lent their boots-on-the-ground market insights. We hope you find the information invaluable in this report.

         

 

Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction.

Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.

 

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