With Spring Buying Season upon us, everyone is focused on how to successfully acquire a home. From obtaining an accurate pre-approval to submitting an attractive offer to securing the financing. Good points all, but few are discussing what needs to be done in the event that you lose the home after acquiring it.
I bring this up simply because I have witnessed three friends that have each lost all of their belongings (in each case, the families made it out safely) as a result of house fires. The first family lost their home just over a year ago due to an unextinguished cigarette in the landscaping mulch. They had to find a rental (in the current market, rents have escalated) and could only find one in a different school district, forcing them to drive their kids to the respective schools.
They anticipate moving back into their home this summer- 16 months after the fire! Insurance helped, but when your life is turned upside down, dealing with the insurance company is not going to be an enjoyable experience. When Daylight Savings Time changes, as it did recently, we are reminded to change the batteries in our smoke detectors. It is also a great time to sit down with your family and design escape plans in the event of a fire, tornado, earthquake or other disaster.
New alarms can detect both smoke and fire and some now come with a ten year battery to eliminate changing batteries twice a year. Make sure that each floor of your home has at least one fire extinguisher and consider rope fire ladders for escaping from second story. Remember to pick a ?safe area? where you will meet in the event of such an emergency. A good idea is a neighbor?s porch or deck away from your home but close.
The other two families experienced house fires a week apart. One resulted from a chimney fire and it took the home quickly. If your home is over ten years old, hire a home inspector or chimney expert to perform an inspection. Have the chimney swept annually and inspected every few years. Your local fire department can provide information on your fireplace as well as on properly configuring your home for smoke detectors, extinguishers, escape routes and other life saving tips.
The third family woke up to their garage door opening and closing repeatedly. As they opened the door from the home into the garage, fully expecting to see a burgulary, they instead saw the garage engulfed in flames and everyone immediately evacuated, taking with them only the clothes on their backs.
The investigation is pending , as this just happened, but an electrical short is suspected.
Three fires. Three different causes. Three families escaping safely but losing everything. The lesson to take from this is that a disaster can happen to anyone at any time. Meet with your insurance agent and review your policies. Ask tough questions about your policy , riders, and exclusions. For instance, if your house burns down, will they rebuild regardless of cost ? Are antiques, memorabilia, family heirlooms, etc covered or do you need additional coverage?? What proof is needed regarding antiques or collectibles- an appraisal; video of the inventory; pictures, etc.?
Finally, if you lose your cell phone, wallet, and other items, what do you do? Without an ATM card or photo ID, how do you get money from your bank? How do you obtain a new drivers license, birth certificate, passport or other important documents? Here is a good link that answers these questions:
After reading this column, take a few minutes and use the color printer in your home, at work or your local library and make color copies of your drivers license, passport, birth certificate, marriage certificate and front and back of your credit cards. Scan these items so you can save on an inexpensive flash drive and keep that flash drive in a safe deposit box.
The copies of ID will accelerate the replacement process. The credit cards are important as well. Master Card and Visa are not the issuers, they simply create the marketplace. You need to contact the issuing bank and they will want the account number, which is on the front and the security code number from the back. Moreover, the customer service number is also on the back.? File a police report immediately and monitor your credit report as well.
The best way to handle an emergency is to be prepared.
Source: http://weekendrealestatereport.com/2013/04/proving-you-are-you/
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