Conduct a homeowners insurance checkup

when was the last time you evaluated your home- owners insurance? Have your needs changed since you initially purchased your homeowners policy? If so, there may be gaps in your insurance coverage. For example, you may have acquired valuable possessions that require extra coverage, or you may have made some home improvements that have increased the value of your home. How might this affect your finances in the event that you need to replace your home and its contents due to unforeseen circumstances? Use the checklist on pages 3 and 4 to evaluate your needs, and consider these tips to keep your insurance up-to-date:

Be familiar with your home-owners policy. Read your policy’s provisions, limits, and exclusions, and contact one of our insurance professionals with any questions. Set up a meeting to analyze any potential homeowner risks that may be applicable to your particular situation.

Regularly assess your cost to rebuild. If you had to rebuild your home and replace its contents, would you have enough insurance to cover the rebuilding and replacement costs? Be sure to regularly assess your cost to rebuild, including your personal possessions, so that you can adjust your insurance coverage for appreciation, rising construction costs, and home improvements. We can help you with this process.

Check community building codes. Sometimes, a damaged home can’t be reconstructed exactly as it was without violating current building codes. For instance, the home may need electrical rewiring or special windows due to updated safety or energy codes. Knowing about these potential expenses in advance can give you time to obtain the necessary insurance protection to cover the extra expense.

Keep an updated home inventory. Documenting your possessions, both on videotape and on paper, may prove invaluable should you need to file a claim or replace your home’s contents after a disaster. Update this inventory yearly. Be sure to store extra copies in a safe place outside your home.

Evaluate your liability exposure. Does your homeowners policy offer enough liability coverage for your needs? A personal umbrella policy may be a worthwhile consideration. Umbrella policies provide excess liability coverage in $1,000,000 increments and apply to situations that your current policies might not cover.

A homeowners insurance policy can help protect you and your family from devastating financial loss as a result of damage to your property. It offers protection against expenses you otherwise might not be able to afford. Failure to maintain proper coverage may result in your sharing a greater portion of a loss than you had expected.

Although insurance originated over 3,000 years ago, it has evolved to keep pace with society’s needs. Conduct a regular review of your home-owners insurance coverage to ensure that it keeps pace with your needs.

Frozen pipes: a preventable nightmare

As temperatures plummet, pipes can freeze and cause serious problems for homeowners. Water expands as it freezes. This can cause pipes to crack or burst. Pipes with inadequate insulation and ventilation can also freeze. Certain pipes, such as those near exterior walls, and in crawl spaces, basements, attics, and garages, are most susceptible to freezing.

Follow the tips below to prevent frozen pipes this winter:

• Insulate all exposed pipes in your basement, attic, and outside walls, as well as under your home. Follow manufacturer’s instructions when using heat tape, as improper usage can create a fire hazard. Also, be aware that heat tape can wear out so be sure to check it before the winter months.
• Make sure you and all members of your household know how to shut off the water in case a pipe should burst.
• Disconnect garden hoses, and shut off and drain water from pipes leading to outside faucets.
• Winterize sprinkler systems according to the manufacturer’s recommendations. Using a compressor to blow out excess water may be the best way to prevent frozen pipes.
• Leave cabinet doors open, so more heat can reach pipes under a sink or appliance.
• Make sure heat is left on and set no lower than 55 degrees, even if your home is vacant.
• If you are going away, have someone check your home daily to ensure that the heat is working properly.When weather is extremely cold, leave faucets dripping slightly to circulate water and avoid freezing.
• If a pipe bursts, shut off the water! Quick action can minimize damage.

If you suspect a frozen pipe, call a plumber. Turn off the water and leave the faucets on. Never try to thaw a pipe with a torch or other open flame, and never use electrical appliances in areas of standing water, as electric shock is possible.

Damage caused by frozen pipes may be covered by homeowners insurance. It is important to review your policy to know what your policy covers and to ensure that you have adequate coverage. To learn more about protecting your home and your belongings, contact one of our qualified insurance professionals.

Can-do candle safety

In the midst of winter, nothing transforms a house into a home more quickly than a candle. However, according to the National Fire Protection Association (NFPA, 2008), an estimated 15,600 home fires were started by candles in 2005. These fires resulted in hundreds of deaths, thousands of injuries, and an estimated property loss of over $500 million. But you needn’t stop lighting those lovely aromatic votives—simply do so with caution and awareness.

Follow these safety rules from the National Candle Association (NCA, 2008):

• Always keep a burning candle within sight. Extinguish all candles before going to sleep or leaving the house.
• Keep candles out of the reach of pets and children.
• Always use a candleholder specifically designed for that purpose. The candleholder should be heat resistant, sturdy, and big enough to catch dripping wax. Never place pillars or candles directly on furniture.
• Trim candle wicks to 1⁄4” before lighting or re-lighting, and keep the wax free of matches, wick trimmings, dust, and other debris. An excessively long or wild flame is an indication that you may need to trim your wick.
• Never touch or move a candle when the wax is liquid.
• Keep lit candles at a safe distance from anything that might accidentally catch fire, such as plants, curtains, bedding, books, or other flammable items.
• Avoid placing candles near open windows, ceiling fans, or any source of drafts to prevent uncontrolled flames or the blowing of flammable items into the candle.
• When there’s only an inch or two of remaining wax, it’s time for a new candle.
• A candle snuffer is the safest way to extinguish a flame, as blowing can produce smoke or cause hot wax to spill.

Especially in winter, candles really can turn a house into a home. Just be sure to keep them burning safely. To learn more, visit the NCA website at www.candle-safety.org.

Your personal checklist

Just as your health needs an annual checkup, so does your insurance program. Although you may be unaware of it, your financial profile has probably changed over the past year. Therefore, you may need to adjust your insurance coverage. Please take the time to complete this checklist and mail it back to us in the enclosed envelope. Or, if you prefer to discuss your insurance needs in person, please call to schedule an appointment.