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HomeMy WebLinkAboutInsurance and Safety Deposit Boxes Eula J. Newman Home Management Specialist WHEN A CRISIS CONES No matter how carefully families plan and costs of normal living are estimated it is impossible to know what may happen. No family can escape financial or some other crisis. Many emotional stresses are accompanied by financial crisis. A family spending plan must allow for emergencies. Some part of the income can be set aside to cushion the blow regardless of which area of family living is affected. The blow may be the loss of a family member, severe illness, the loss of property from natural or man -made causes or it may be from carelessness. How can a family meet a financial crisis? Some families have follow- ed such actions as: - Face facts as a family - Agree on a plan that allows for emergencies - Cooperate in keeping expenditures reasonable - Discover and make use of effective resources - Look forward to re- establishing the business or profession Eula J. Newman Home Management Specialist IN LESS THAN AN HOUR In less than an hour your house, furnishings and equipment can be blown away, washed away or burned. It may represent a large part of your life and work. If not completely gone, the risk of heavy damage may be too great to overcome. No one can hedge against every possibility of loss. Each family must analyze its own situation, consider the risks most likely to apply, the cost of protection and decide. No family would want to leave its economic future to chance. Occurrences which would cause a major set back or financially wipe out a family gets first consideration. Typical catastrophes influence the kinds and amounts of property insurance that people take. In some sections of the state families feel that nothing short of extended coverage will suffice. This might include fire insurance plus protection against loss from windstorms, cyclones, tornadoes, hurricanes, hailstorms, explosion and damage from smoke or falling aircraft. It is always wise to read the policy to know exactly what is included and the policy holderts obligations. iany policies may have riders which apply to localities. An inventory of household goods is always an asset. One copy should be in the safety deposit box. This will make settlement for partial or complete loss easier and more accurate. Some of the things that will suspend or restrict insurance are: - vacancy for 30 days - changed title - concealment and fraud - increasing hazards - 2 - - duplicate insurance Steps to protection: - insure against the worst catastrophes - consider coverage, then premium - deal with a well- established insurance agent - understand your policy - buy comprehensive - buy for several years at a time - buy deductible Elsie P. Short Wanda B. Aieyer Home Management Specialists VALUABLE PAPERS SHOULD BE PLACED IN SAFETY BOXES A safety box will be worth many times its cost to you in cases of emergency as well as time and worry in locating important papers. Safety deposit boxes in vaults will protect your valuable papers in events of storms, fires , or other disasters. Every family should place in safety boxes copies of wills, deeds of property, marriage certificates, divorce records, birth certificates, death certificates, adoption papers, car titles, all of which should have previously been recorded in the county clerk's office. There should be copies of family health records kept up -to -date which should show diseases, vaccinations, operations and any allergies, household inventories kept up -to -date, a record of all insurance policies giving the number of the policies, the name and address of the company, the name and address of the beneficiary, lists and addresses of any investments, lists of debts, a record of any loans made to others, Social Security records, school records and military records, tax receipts and income tax records for five years. Some records you may want to maintain two copies of --one for your business file at home for quick reference and one for the safety deposit box. These might include the household inventory, a copy of insurance policies, list of debts, list of loans and health records. You might like to maintain an extra copy of the last income tax report in your home file for quick reference. The Extension Service leaflet L -630, "Your Valuable Family Papers," will help you to organize and collect the information which you may need for emergencies and for easy reference. You will find these leaflets in your County Extension Agent's Office. Wanda B. Meyer Home Iianagement Specialist HOW DO YOU SETTLE AN INSURANCE CLAM? You can get quicker action on your insurance claims if you file them correctly. Observe these points in preparing your insurance claim: • Notify your agent at once. Zany policies have notification time limits. If you are late, you may have trouble collecting. If your claim is small, the agent may be able to get it settled in short order. In case of a sizable loss, you may want to call in a public adjuster. He deals with the insurance company for you. * Read your policy. Many claims are passed up because the policy holder was not aware of the amount of protection he had. So, if you have suffered a loss, have another look at the policy and see if the loss is covered. * Write down what happened. Give complete description of what happened, and the exact time it happened. • List the damage. In case of flood, round up all evidence of your ownership, such as titles or bills of sale. The insurance company may require proof that the damaged articles are really yours. * E stimate the amount of your loss. Cancelled checks or receipts come in handy. It will help, too, if you filed an appraisal of your valuables with the insurance agent when you took out the policy. Back your claim with repair or replacement costs from various sources. • Talk to the company adjuster. His primary aim is to find out whether his company is liable under your policy and, if so, how much is owed to you. His normal interest is to keep claims down. At the same time, you have every right to press for all the benefits to which you think your policy entitles you. Mary Routh Extension Clothing Specialist CLOTHING PROTECTION FOR DISASTERS In any type of disaster, one's clothing articles and accessories need to be stored in a safe place and be well protected. Extension Clothing Specialists at Texas A&M University offer these ideas to consider in storing clothing during emergencies: All clothing, jewelry, hats, or other garments should be stored in heavy plastic bags that are water - proof. These bags may be obtained from tailor shops. The zippered bags are not suitable for storing clothing because they are not water - proof; be sure to get the heavy plastic. Shoes may be stored in bagettes that are water- proof, not in shoe boxes. If you have a sewing machine, you can wrap the machine head in plastic to protect it from any type of damage. After preparing your clothing articles for protection, place them in a tight place high in the house. The attic would be an appropriate place. In any emergency, it is better to know how to protect valuable articles, especially clothing. For more information, e.,* k a- contact your 0 .S-- e= ia14 Texas Agricultural Exten- sion Service, College Station, Texas.