Home and Renters Insurance

I l @ ve RuBoard

Home and Renters' Insurance

Starting a business with equipment or technology around? Don't allow yourself to be caught without coverage in case of fire, flood, or theft, and this bears reminding for renters, who are much less likely to have this coverage.

However, don't think that if such a fire, flood, or theft occurred that the insurance company is going to hand you a big, fat check. Have you documented your equipment, especially technology equipment?

One wise way to document your possessions is to take multiple photographs of every room and all the items in it. Another is to make a video. However, you would perhaps be surprised to learn where people keep this documentation. In the very house that is now flooded or has caught on fire. Documenting your possessions and equipment is very important. Then you need to store that documentation, ideally in two spots. Keep one in a bank safety deposit box and the other with a friend or relative where you can get your hands on it quickly. Double documentation is a nice safety valve.

What about technology aspects of your coverage? While it is terrific if you photograph your laptop or computer, better yet to keep the receipt and serial numbers in a safe spot too, so you can prove what you paid for it. You may also, surprisingly, in your homeowners' policy, have some built-in coverage for surges that cause equipment failure. This may be something to ask your agent about.

I l @ ve RuBoard