Insurance Tips

Hello, this is attorney Hunter Cavell coming to you from Solon, Ohio. Today, I want to talk about something that’sbeen happening a lot lately.

We’ve gotten a lot of rain. My landscaper actually says we’ve gotten about five inches more than we should have. Now with rain comes flooding, and there are a lot of basements in Ohio. So what you need to do is prepare now for a potential flood later if you’re a homeowner or even if you’re a renter.

And what you should do is, first off, document every item in your house of value. Take pictures or videos, just sothat if something happens, such as a flood in the basement, which I have suffered from at least three times now, you’ll have documentation of what items you own, because the insurance company and its adjusters are going to want to pay the fair market value of those items. Now, for big ticket items, you should also probably have an appraisal like jewelry, such as rings, firearms, paintings, things of that nature will need to have appraisals. And conversely, with that, a lot of insurance companies have a certain level for jewelry, unless you buy what’s called a rider.

If you have expensive jewelry or multiple pieces, you may want to increase that limit. Same with firearms. Fur coats are another one. Obviously, both of those subjects are a little bit more risque, but then also art. You should also get appraisals done and redone every five to ten years as things may dramatically increase. The final thing to worry about, especially with flooding, is what’s called water backup insurance. I actually learned this the hard way. I didn’t know that there was a certain limit of water backup, and if you don’t increase that,you’re stuck at that limit. Luckily, I was able to work with my insurance company to get it correct. But you need to know what your limits are. Don’t just buy the cheapest policy. Buy one that is basically comprehensive coverage and gets you everything you need.

So that’s your tip for today. If you have any questions about law business insurance, give me a call at 440-940-6441 or visit cavelllaw.com. Thanks and have a great day.