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!

Hurricane News, Cute Puppies, and Madoff Update

The Northeast Needs To Get Prepared: The Massachusetts Emergency Management Agency (MEMA) recently published guidelines for personal disaster preparedness. As you may know, the Atlantic Hurricane Season runs June 1st to November 30th, and residents of coastal states need to spend some time attending to these tasks in anticipation of storms that will threaten New England this season. Excerpt:

Make a record of your personal property. Keep an itemized list of your furniture, clothing and valuables to assist adjusters in case of a claim. Back it up with photographs or video.

I know I sound like a broken record regarding home inventory. Crack, pop, hiss. No apologies made.

The High Price of Dog Ownership Just Got Higher: I know, I know. Dogs are adorable and bring great joy to our lives. I know that the companionship they offer is without peer. I know that the world is a better place because of our domesticated dogs. Our dog Lucy is a lovable mutt and my family thinks the world of her.

I also know that dog ownership is expensive. Kennel bills, veterinary bills, dog food, chew toys; as if it wasn't enough already, now your insurance carrier may be charging you higher rates on your homeowners policy beacuse of your little adorable pooch. Fido may even one day be the cause of your insurance carrier cancelling your policy. WooHoo!

CBS Reports Feds Ask For 150 Years For Madoff: Federal prosecutors trying the case of disgraced financier Bernie Madoff, who masterminded one of the largest Ponzi schemes in history (I'm sure that some of you would say this distinction belongs to Social Security), have asked the judge to sentence him to 150 years, the maximum imprisonment available for his crimes. Madoff is 71.

Federal sentencing guidelines allow for the 150-year term, prosecutors said. Any lesser sentence, they added, should still be long enough to send a forceful message and "assure that Madoff will remain in prison for life."

While I understand the need for a strong message to be sent and that Madoff is clearly guilty of this massive fraud, I also understand that the money on those statements was always phantom money and that it's never coming back because it never existed in the first place, regardless of whether Madoff dies in jail or not. Madoff didn't steal billions of dollars. He repeatedly lied, and in so doing created billions of phantom dollars out of thin air. Certainly investors gave him lots of money that they have now lost, but the actual amount "invested" with Madoff is far smaller than the numbers reported in the press.

A. J. Farley runs Farley Home Services (EverySingleItem.com), your one stop shop for all your home inventory needs. Whether you own a home, a small business, or rental property, you need to document your belongings. We take care of tenants as well!

Insurers On The Move

Farm Bureau: According to Farm Bureau, this storm season promises to be one of the most active ones in the past ten years. We've already seen that here in Tennessee. The link says that as part of your storm preparedness you need a home inventory.

State Farm: Will resume writing homeowners insurance in Mississippi according to the Jackson Clarion Ledger. This is very good news for the consumers of Mississippi. I'll just be curious to see how many residents of the state will forgive State Farm and come back to them.

Short Post This Morning: My wife's family is having a reunion this weekend, so I'm going to play golf in a few hours with a bunch of her uncles and cousins. I married into a wonderful family! I play golf so infrequently these days, and I like to get my money's worth by taking a lot of swings along the way.

Farley Home Services Provides inventory documentation to frustrated golfers everywhere. Please visit FarleyHomeServices.com to see how you will benefit from the service we provide.