Making a Home Inventory
Your homeowners or renters insurance policy is there to protect you from losses like fires and burglaries, but an important part of this coverage is documenting your possessions. Insurance carriers are much more likely to reimburse you if you can show them a lost item’s value and condition. Plus, a completed home inventory can help you determine if you have enough insurance coverage.
Consider these tips when you’re conducting an inventory of your possessions:
Walk through every room of your home and identify all of the contents.
Document as many details as possible. This could include model numbers, serial numbers, descriptions and dates of purchase.
Keep all of your receipts so you can determine an item’s value and help with any necessary appraisals.
Take photos or videos of your possessions to help determine exactly what’s been lost or damaged after an accident, and keep this documentation with your completed home inventory.
Store your home inventory and all other relevant documents in a fireproof safe, and consider storing a copy in another secure place.
Update your home inventory regularly to ensure it accounts for all of your possessions.
Contact your insurance agent to determine if you have enough coverage for your personal belongings.
Buying Used Vehicles
Buying a used vehicle can be a great way to get on the road while saving money. However, you need to be extra careful when looking at these vehicles so a defect or maintenance problem doesn’t catch you by surprise.
Here are some things you should always check before you buy a used vehicle:
Look for any wear or scratches around the vehicle’s dashboard. This could be a sign of an altered odometer.
View the vehicle from all angles and from the ground to check for wear and tear.
Check for a damp or moldy smell in the interior that could point to water damage.
Take the vehicle on a test drive to see how well it performs. Also, try to listen for clanking or grinding noises that could indicate damage.
Ask a salesperson if you can look under the vehicle’s front hood.
Finally, you should always request a copy of the vehicle’s used car report. If the report lists any accidents or maintenance issues, this may be a sign that the vehicle isn’t a wise investment.