Vacation Homes, Under-Insurance, and Personal Accomplishments

Don't Forget The Lake House: Those of you who own vacation homes need to remember the contents you keep there when it comes to your home inventory protection. As a matter of fact, Matt MacMillan of the Hutchison (MN) Leader says you should keep a separate inventory for that residence. The article has some good insurance tips for owners of secondary residences.

If your secondary home or vacation home has a mortgage, your lender may require homeowners insurance just as it would for your primary residence. However, there may be additional stipulations in the policy because you only reside in the home for part of the year. Like with your primary homeowners insurance, it is important to review the policy for your secondary home every year and keep an up-to-date home inventory in case you would need to file a claim following a loss. [emphasis added]

Under-Insurance Conundrum: Karen Telleen-Lawton has an interesting article dealing with the problem of homeowners under-insurance. This is an issue across the country, but it is especially significant in places like California, Florida, and Texas. The bottom line is to have a solid insurance agent and to sit down with her regularly to review your insurance needs.

. . . despite being willing or obligated to buy insurance, homeowners don’t properly evaluate the risk, believing it can’t happen to them. So while they hedge their bets by buying insurance, they further hedge their hedge by willingly under-insuring.

On The Home-front: I scored an ugly goal, but a goal nonetheless, while playing soccer with the old guys last night. Let's just say it's been a while. I'm uncomfortable with all the David Beckham comparisons, but if the boot fits . . .

Farley Home Services is your premier home inventory professionals. Visit us on the web at EverySingleItem.com, and as always thanks for reading today!