Renters Are Property Owners Too | E. Greaves Jr.

“Suddenly, reality sets in and they realize they could actually need to insure their belongings for at least $40,000 to $50,000. And what would it cost them for this coverage? In most cases, especially should you maintain a great credit score, usually no more than one (1) or (2) dollars a day.”

While The Renter Slept…

A Monday morning about three (3) years ago came with a huge surprise.

A slightly frantic business associate called first thing that morning. During the weekend, while taking a middle-of-the-day nap in her home, she awoke to find herself face-to-face with a burglar. Thankfully he didn’t harm her physically, but he stole her laptop. It took a while before she felt comfortable and safe in her own home again.

The first and most painful question she asked me was, “Eustace, Does my landlord’s insurance cover this loss?” Sadly I had to tell her, “No, your landlord’s insurance literally stops at your door.  If you don’t own a Renters Insurance policy, you have no coverage.”

Then she asked if this was the coverage I tried to convince her to purchase when she first moved into her apartment. Again, sadly, I told her yes. But the upcoming vacation was more important than paying for Renters Insurance.

To her credit, she didn’t say, “That’s not fair.” She simply accepted she lacked coverage. We spoke for a while and then ended the call.

I Don’t Like Those Calls

Losses to the property of renters many times each day and, based on current economic conditions, will continue to increase. The losses are caused by burglaries, robberies, fires, building collapses and lawsuits. All renters must understand this fact: Your landlord’s policy protects them should they lose their property to fire theft and negligence. Why don’t you do the same for your property and way of life? If you don’t own Renters Insurance, you stand to suffer disruptions to your daily life without the benefit of receiving the money you’ll need to rebuild your life.

Usually, when I speak to clients about their Renters Insurance needs, they think they only need about $10,000.00 of coverage. So I play a game of I created called “How much Renters Insurance Will I Really Need To Replace Everything I Own?” with them.

I take out a piece of paper, and ask them, for example:

  • How much did the fur coat cost?
  • What about the new Nikon or Canon camera with all the gadgets?
  • What about your laptop, big screen TV, and home theatre and stereo systems?
  • What kind of clothes do you have in your wardrobe and what is the value of all of your clothing, down to the last sock?
  • Do you sleep on bed sheets? If so, what would you need to replace every sheet, pillowcase, bath towel, face cloth?
  • What about the china, silverware, flatware, and regular dishes.
  • How much did you spend on the furniture in your home?
  • How much did you spend on your laptop? (My friend lost a top-of-the-line MacIntosh.)
  • How much jewelry do you own?

Special Questions For The Ladies And The Men

Ladies must answer questions about the value of their shoes and handbags. And don’t worry, men have their own special questions about the value of all the replica football, basketball and baseball jerseys in the closet, in their dresser drawers, on the chair, and under the bed. And their baseball caps. And the expensive sneakers. And no, I don’t believe sneakers should be addressed with proper names until they can have their lifts replaced like Loubitinis (Yes, I know that isn’t how you spell it!).

Guess what? I didn’t even mention your possible need for off-premises theft. You know, for when someone snatches the valuable electronics out of your hands on the street, or when you “just take a minute” to get another latte at the coffee shop and return to your table to find your laptop, phone and wallet stolen.

The Game Is Really Easy To Master

Suddenly, reality sets in and they realize they could actually need to insure their belongings for at least $40,000 to $50,000. And what would it cost them for this coverage?  In most cases, especially should you maintain a great credit score, usually no more than one (1) or (2) dollars a day.

Just $365.00 to $730.00 each year.  And some people, like college students on a budget, even less. Think the cost is too high? Well, how much do you spend everyday on coffee you could make at home? Could you eat out at least one or two less meals each week?

Some Tips On Securing Your Home and Your Possessions:

  • Do a complete, ‘Down to the last sock,’ inventory of all of your personal belongings. If you don’t have Renters Insurance and try claim your losses on your income tax return, the IRS will need you to provide proof of ownership.
  • Go to your local police precinct and see what anti-crime products are available to you. The best part is, they tend to be free. You need simply ask.
  • Make sure that all of your electronic devices, be they I-Touches, smart phones, or laptops, have strong passwords.
  • Buy “Lojack for Laptops” and install it on your laptop. It only costs about $29.99.
  • Purchase and use a security cabling system for your desk computer at home and laptop computers, whether at home, on campus, or at the local library.
  • In case of loss to your computers, keep up-to-date backups in a secure location.
  • Secure your home against illegal entry using Fire Department approved window gates.
  • If you can, install a fire and burglar alarm system.
  • Keep windows and doors when you are away, and secured when you are at home.
  • It’s nice to be neighborly, but don’t feel obligated to invite the neighbors in for a party. Some of them may want to continue the party while you are at work.
  • On occasion, vary the times you leave for work and come home.
  • Don’t put your vacation plans on Facebook or any of the other social media. Thieves love to troll these sites to see just who is dumb enough to tell them when they can come and steal.
  • Finally, buy Renters Insurance. Lots of it.

For guidance in setting up a personal home inventory, feel free send me an email at Eustace@insuremeeg.com,  or send a stamped, self-addressed envelope with 86¢ postage addressed to my office, The Bridge Insurance Agency, 651 Bergen Street, Brooklyn, NY 11238, for a copy of Travelers Personal Inventory brochure. You can even stop by the office and ask for a copy of the brochure.

While it was too late for my friend to benefit from owning this coverage, your luck may have held out until now. Call me at 718-783-2722 and I’ll be glad to give you a Renters Insurance quote designed to fit your needs, and your budget.

Eustace L. Greaves Jr., is a business owner providing his clients with insurance and income tax strategies strategies and solutions. To reach Eustace by telephone, just dial 718-783-2722. Or, you can send an email to him at Eustace@insuremeeg.com.

Your Duties After A Loss | Brooklyn Covered

If your policy includes coverage for additional living expenses (and if it doesn’t, go out today and buy a policy with this important coverage), you must again keep accurate records of your expenses for housing, food, and transportation.

Whether you rent or own your home, your insurance policy, in the Conditions section, lists your duties after a loss. Should you fail to comply with the duties which follow, your insurance company could deny you coverage.

  1. You must immediately notify your Broker, Agent, or your insurance company’s claims department of how, when and where the loss happened. Make sure to include the names, addresses and contact information of any witnesses and other injured parties.
  2. Notify the local authorities.
  3. You must protect the property from further loss or damage. This is where many people endanger their full indemnification after a covered loss. For example, if your roof has suffered damage, take as many photos as possible. Then, make reasonable and necessary repairs to prevent further damage. When this is done, take more pictures.
  4. Keep an accurate record of the expenses you incur to protect the property from further damage.
  5. If your home suffered water damage when the roof was compromised, make an inventory of the damaged property before you toss things out on the sidewalk, for example. Your inventory should include describe each item, and it’s cost. Again, take as many pictures as possible to prove your loss. Original receipts, and/or instruction manuals, are a terrific source of proof of ownership. I always tell my clients to prepare a complete Personal Home Inventory using a Travelers Insurance brochure as a guide. Your work at preparing a claim will go a lot faster and easier when you already have a prepared inventory.
  6. If your policy includes coverage for additional living expenses (and if it doesn’t, go out today and buy a policy with this important coverage), you must again keep accurate records of your expenses for housing, food, and transportation.
  7. Remember, you will be required to sign a sworn statement about all the damages and costs you’ve incurred. Don’t listen to anyone who tells you to inflate your loss and expense amounts. These are acts of fraud, and your company could refuse to provide coverage for any insured engaged in these acts.

Suffering a loss is tough, but you can make your recovery easier by following these tips.

Eustace L. Greaves Jr., LUTCF is a New York State licensed independent insurance agent and broker. To get a copy of the Personal Home Inventory Brochure, send Eustace an email to eustace@insuremeeg.com. Or, stop by his office at 651 Bergen Street, Brooklyn, NY 11238, for a hard copy. Just give him a call at 718-783-2722 so he can tidy up the office before you stop by

Hurricane Irene Preparation Tips From Travelers|BrooklynCovered

Re: Hurricane Irene Preparation

As Hurricane Irene approaches our area, we wanted to make sure you and your customers were aware of the steps you can take to stay safe and our claim response plans as the storm approaches.

I, along with all the other Travelers independent agents across this great nation, received the following information about preparing for Hurricane Irene. Normally, the content you’ll find in BrooklynCovered is my own, but in situations such as this, I trust you’ll forgive me for cutting and pasting some extremely important information.

To: Travelers Agents in New York

Re: Hurricane Irene Preparation
 
As Hurricane Irene approaches our area, we wanted to make sure you and your customers were aware of the steps you can take to stay safe and our claim response plans as the storm approaches.
 
Safety for individuals
 

  • Create a disaster plan. Plan an evacuation route in advance and determine where you would go if you were told to evacuate.
  • Prepare a survival kit. Stock up on drinking water, non-perishable goods, a first-aid kit and medicine for everyone including your pet. Include extra clothing, blankets, batteries, flashlights and a portable radio.
  • Conduct a home hazard hunt and make your home as safe as possible. Secure all outdoor objects such as garbage cans and lawn furniture. Close storm shutters and board up all windows.
  • Review how to shut off utilities in an emergency with all family members.
  • Locate important papers and documents and have them ready to take with you should you need to evacuate. Protect documents in plastic storage bags if you’re remaining in your home.
  • Make sure you have insurance policies with claim contact information, an inventory of your home’s contents and cash.
  • Ask an out-of-state friend to be your family contact. After a disaster, it’s often easier to call long-distance than to make a local call.
  • Finally, leave promptly when ordered to evacuate. Leaving too late or not leaving at all only endangers yourself and others.

 
Safety for businesses
 
In addition, you and your business insurance customers should consider taking the following precautions to help protect people and property and guard against disruption of operations:
 

  • Review your business continuity plan and communicate emergency evacuation and business interruption instructions to employees. If you don’t have a written plan, now is the time to create one. Each business should have an emergency plan including a detailed procedure for evacuation, a checklist for shutting down processes and protecting buildings, contents, equipment, and yard storage. Procedures should include salvage instructions to follow post-event.
  • Back up critical data and computer records off-site so that operations can continue after a disaster. Consider keeping a backup generator and plenty of batteries on hand so your business can continue to operate after a power loss.
  • As a hurricane approaches, quick actions should to be taken to install temporary protection features including:
  • Shutter or board up windows to protect them from flying debris
  • Clean out floor drains and catch basins to ensure maximum drainage
  • Anchor structures, trailers and yard storage so they are more likely to stay put in high winds
  • Fill emergency generator and fire pump fuel tanks
  • Shut down production processes safely
  • Shut off all flammable and combustible liquid and gas lines at their source
  • Shut off electrical power at the main building disconnect before the hurricane strikes
  • Once the storm has subsided and it is safe to return, a salvage team should be assembled and repair work prioritized, assuring proper supplies are available and safety procedures followed.
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