On December 9, my granddaughter's Christmas tree caught fire and the house burned. Later I reported that her insurance company would rebuild the house, rent and furnish a place to live meanwhile, and replace the house contents.
Well, the picture doesn't look quite so rosy now. I mention this because there are things you can do now to prevent problems later, if you need to make a claim on your own property insurance. Right now, while dealing with end of year accounts and tax returns, is a good time to do these insurance preparation chores as well.
The rental situation looks fine. The rental house is as nice (from my perspective) as the one that burned. The furniture and appliances are great. So one thing to check is whether or not your fire insurance offers this benefit. (Have I checked my own? Of course not, but soon....)
I mentioned earlier that it's a good idea to inventory and photograph the contents of your house at least once a year. Then put the negatives and prints, or a CD or videotape, in your safety deposit box.
There can be some important gaps in content coverage. My granddaughter's appraiser says that gifts aren't covered. Family members gave the new couple a lot of major furniture and appliances. Now the insurance company says these won't be covered. What does your insurance policy say?
Check to be sure that your policy covers replacement, not just depreciated value. My daughter's policy covers rebuilding, no matter what the cost. My granddaughter's policy covers depreciated value. With building material prices having gone way up recently, this is going to be a big problem.
What kind of proof is required? My granddaughter's insurance appraiser is saying that nothing will be covered if it cost over $40 unless she can provide a receipt. Where were the receipts? In the burned house, of course. So - where are your receipts?
It's a shame to learn these things the hard way. So - I hope that you can get something positive from my family's experiences. And - don't forget those fire extinguishers at every door, and the fire drills. Getting out safely is more important than any of the insurance tips I've just offered.
4:39:14 PM 
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