Just because you have purchased insurance for your Virginia Beach real estate, don’t think that your responsibility has ended there. It is important that you inventory your possessions and keep that list up to date, at least annually. In addition to making a list of items, it is wise to also photograph them–and even better, videotape entire rooms! (And do remember to keep the list, photos, and/or tape in a place where they can not be destroyed by fire, flood, etc. A bank safety deposit box would be ideal.)

Suggestions for making a Virginia Beach Real Estate inventory include:

• Organize it by room.

• Describe each item, including make and model, and where it was bought. Record the serial number, if the item has one.

• Attach sales receipts, purchase contracts, and appraisals to your list.

• For clothes, count each type of item, such as pants, shoes, shirts, coats, etc. Particularly note those that are valuable.

• Supplement your written list with photographs. Make sure you label the photos. *If you have a video camera, videotape each room. You can also add a narration as you tape.

• Don’t forget items that are in drawers, closets, attic, and basement.

• Use your computer. Make your list, scan in receipts, photos, and other papers. Keep these in a fireproof box. Make a copy of your inventory and photos and store them away from the house.

• Add valuable new items (such as a new entertainment system) to the inventory when you purchase them. Review and revise the list annually.

What is generally covered?
Under the HO-3 policy type (the most popular), damage caused by perils and hazards such as fire, lightning, smoke, windstorm (in certain parts of the country), hail, vandalism, falling objects, theft, weight of snow or ice, vehicle striking the structure, building collapse, water damage from bursting pipes, and structural damage from an electrical surge are covered.

What is usually excluded?
Under the same HO-3 policy, damage not covered includes that caused by an earthquake, floods, windstorms (in certain parts of the country), war, pets, birds, rodents, or insects, sewer backup, pollution. Damage done by you or that which is the result of normal wear and tear is also excluded.

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For you, as for most Americans, your Virginia Beach real estate is your largest and most important investment. Homeowners insurance, required by mortgage lenders, protects you from losing the value of your home if disaster strikes and enables you to repair or rebuild the structure. It covers damage to your home (real property) and your personal belongings (personal property) for the hazards specified in your policy. It also covers your liability for any injuries and property damage that you or your family members (including pets) cause to other people.

Types of homeowners insurance:

• HO-1 is very basic coverage, insuring against fire or lightening damage

• HO-2, called “broad coverage,” also covers loss of or damage to property resulting from windstorm or hail, theft, explosion, smoke damage from vehicles and aircraft, glass breakage, removal of property endangered by covered peril such as fire, vandalism, malicious mischief, and riot or civil commotion. HO-2 also covers building collapse, freezing of or accidental discharge of water or steam from within plumbing, heating, or air-conditioning, falling objects, weight of snow, ice, or sleet, and rupture or bursting of steam or hot water heating system

• HO-3, called the “special” form, insures your home and detached structures against loss or damage from any peril except for those specifically excluded in the policy. This is the policy most homeowners purchase. It is important for you to read your policy carefully to see what is excluded—you may want to cover exclusions with special endorsements.
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This final portion of your guide to homeowners insurance gives you information you hope you’ll never use–dealing with damage to your Virginia Beach home. Most likely your policy will explain how to file a claim, but here are the basic steps:

How To File An Insurance Claim On Your Virginia Beach Home

1.  If a crime has been committed, report it to the police. You should get a copy of the police report.

2.  Contact your insurance agent or company immediately.

3. If necessary, try to protect your property from further damage. Save your receipts.

4. Don’t dispose of damaged items until the adjuster has seen them.

5. Prepare a list of damaged items. Take pictures of the damage. (Now aren’t you glad you made an inventory list/video?)

6. Get the appropriate claim forms and fill them out completely. Return them within the time limit.

If you encounter problems (such as denial or inaction within a reasonable period of time) settling your insurance claim for your Virginia Beach home, you can follow these steps:

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For you, as for most Americans, your home is your largest and most important investment. Homeowners insurance, required by mortgage lenders, protects you from losing the value of your home if disaster strikes and enables you to repair or rebuild the structure. It covers damage to your home (real property) and your personal belongings (personal property) for the hazards specified in your policy. It also covers your liability for any injuries and property damage that you or your family members (including pets) cause to other people.

Types of homeowners insurance:

HO-1 is very basic coverage, insuring against fire or lightening damage

HO-2, called “broad coverage,” also covers loss of or damage to property resulting from windstorm or hail, theft, explosion, smoke damage from vehicles and aircraft, glass breakage, removal of property endangered by covered peril such as fire, vandalism, malicious mischief, and riot or civil commotion. HO-2 also covers building collapse, freezing of or accidental discharge of water or steam from within plumbing, heating, or air-conditioning, falling objects, weight of snow, ice, or sleet, and rupture or bursting of steam or hot water heating system

HO-3, called the “special” form, insures your home and detached structures against loss or damage from any peril except for those specifically excluded in the policy. This is the policy most homeowners purchase. It is important for you to read your policy carefully to see what is excluded—you may want to cover exclusions with special endorsements.

Read the rest of this entry »