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Essential Items You’ll Need When You Purchase Your New Home
Buying your first home is one of those memorable accomplishments that will stay with you for the rest of your life. Once you have signed on the dotted line and taken official ownership of the property, you’re going to want to—if you haven’t already—think about some essential items to pick up for your home to make your experience of living in your home that much more enjoyable. Here is a substantial list of items to consider purchasing after you’ve bought your home.
Safety Equipment:
Smoke Alarms: You should have smoke alarms installed in every room of your house including each bedroom, outside your bedrooms, and on every level of your home. If your home has a basement, don’t forget to install a smoke alarm there, too.
Carbon Monoxide Alarms: Not to say that Carbon Monoxide is more dangerous than smoke, but it is an odorless, colorless gas that can prove deadly if it isn’t detected sooner rather than later. Be sure to install carbon monoxide alarms on every level of your home, especially in places where people sleep.
Fire Extinguishers: It’s always a good idea to have a fire extinguisher handy in case a fire breaks out while you’re cooking in the kitchen.
Safety Ladder: If you live in a home that has more than one level, seriously consider purchasing a ladder. Ladders can make the difference between life and death in the event of an emergency.
First-Aid Kit: Having a healthy stash of bandages, ointments, wipes, and other products is a good idea in case someone gets injured in your home.
Emergency Kit: Water, canned foods, flashlights, batteries, a can opener, flares, dust masks, tools like a wrench or pliers, maps of your area, a cell phone and a charger, prescription medications, eyeglasses, matches, personal hygiene items, pet food and supplies, an extra change of clothes.
Essential Items for Security of Your Home:
New locks: Any time you purchase a new home, it’s important to change the locks immediately to ensure the safety and security of yourself and your family.
Motion-sensor lights: These kinds of lights illuminate when they sense movement in a given area. They’re not expensive and are relatively simple to install.
Home safe: A secure box in which to store valuable documents like IDs or passports, birth certificates, banking information, and other sensitive information is always a good idea.
Window treatments: Believe it or not, installing blinds is one way to deter criminals from breaking into your home.
Video doorbell: Cheaper than security cameras, video doorbells can provide you with the peace of mind you want by giving you access to video footage of any action taking place at your front door. You can also link this capability to your smartphone, so you can always keep an eye on these areas even when you’re away from your home.
Items for Indoors:
Vacuum: Not all vacuums are created equal and different vacuums work more efficiently depending on how they are designed and what kind of surface they are being used on. It’s okay if you want to spend your money on an automatic vacuum that will work its way around your home on its own, but if you want more of a deep clean, consider purchasing a standard one.
Mop: If you have a home that has hardwood or composite flooring, a dust mop will serve you well. Consider purchasing one with a long handle, so you don’t have to spend all of your time on your hands and knees.
Plunger: No further explanation is necessary here. This is a must-have.
Broom and dustpan: When you own a home, the time will inevitably come when you spill food crumbs on your floor. Also, dust can build up on your floor and in hard-to-reach areas. A broom and dust pan are a must-have. Consider buying a dust pan with a long handle to avoid having to squat down every time you need to reach something.
Air purifier: These are great if you want to reduce the amount of allergens and pollutants in the air. Also, green plants can help improve your air quality as well.
Pencil sharpener: The days of manual pencil sharpeners should have been gone a long time ago. Buy yourself an electric pencil sharpener that can rest on top of a desk or table. You’ll save yourself a lot of time and hassle this way.
Dehumidifier: Humidifiers are great if you want to decrease the dryness of your living space. But, what if you have the problem of too much moisture in your home? Get yourself a dehumidifier to use in your basement and living areas.
Batteries: Having a healthy stockpile of batteries will save yourself at least a few trips to the store. Figure out which items you use regularly that require battery use and create an inventory. That way, you’ll have a better chance of not buying too few or too many.
Power strips: Power strips are nice to have because they can help you cut the costs of your energy use.
Outdoor Items
Lawn equipment: A lawnmower, a leaf blower, and hedge trimmers for your bushes. Make sure you have enough space in your storage areas as these items can take up quite a bit of space.
Shovels: Depending on what kind of work you’re about to do, not all shovels will get a particular job done. In any case, you should always get yourself a snow shovel.
Hose: Choose one that will suit your needs. You’ll also need a nozzle. Please do not forget to store it away during the winter because a frozen hose can present a big problem!
Door mats: Family and guests are bound to track in dirt into your home. A door mat can help your minimize what is carried into your home. If that fails, consider asking your guests to remove their shoes before entering your home.
Snowblower: Snowblowers can be your saving grace if a huge blizzard comes into your area and wreaks havoc. They’re far more efficient than shovels, alone.
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Why Are Certificates of Insurance Important?
A certificate of insurance is a document proving that an insured party has insurance coverage. Typically, a certificate of insurance is requested by the clients of the insured. Verification of insurance coverage is provided to third parties that an individual or entity has insurance coverage. If an individual hires a contractor to paint his house, that individual will call an insurance company and request a certificate of insurance. This document reassures the hirer
The certificate of insurance is not identical to the actual insurance policy, but it does contain important information that is also listed on the policy. The coverage offers the insured protection from any claims pertaining to liability. It is important to remember that, if and when someone files a claim against the insured for a particular incident, that incident must have taken place within the policy period. The policy period is the length of time the policyholder is provided insurance coverage.
There are different types of certificates of insurance: certificates of property insurance, general liability insurance certificates (these are typically issued when a claim is made against the insured), Workers’ compensation certificates, which are used to show evidence of an employee’s or contractor’s insurance coverage pertaining to work-related incidents. There are also certificates of insurance for automobile liability.
The insurance policy may provide liability coverage for damages caused by fire on the insured’s property. If the insured is deemed legally liable for the damages, they are then required to pay for the damages. Medical expenses to cover any injured parties who suffer injuries on the insured’s property may be provided by an insurance policy. Auto Insurance policies provide compensation for any injured third parties in the event of an injury suffered during an auto accident. If an insured is involved in a serious at-fault accident involving other parties and his or limits of liability are exhausted, excess liability coverage would kick in to cover medical care like hospital visits, etc. This kind of coverage must be purchased separately from general auto insurance coverage. It can be added as an endorsement on the policy. Having excess liability coverage is always a smart idea because it can protect an individual from suffering financial ruin.
The certificate of insurance should be very clear and specific in stating what is covered and should conform to the specific terms and conditions stated within the contract. This prevents any misunderstandings of coverage between the insurance company and the insured.
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Insurance Terms Everyone Should Know
We’ve all come across something we don’t fully understand while reading. This may be especially true when it comes to the subject of insurance. Although insurance may seem like a painfully dry, uninteresting topic, understanding – it and how it works – is essential and extremely helpful in leading a stress-free life. The following are essential terms with which you should become familiar.
Actual Cash Value (ACV) – As soon as you drive your brand new car off the lot, its value decreases quite significantly. This is called depreciation.
Replacement Cost – Depreciation = Actual Cash Value (ACV)
Adjuster – If you ever have to file a claim with your insurance company, that company will obtain an adjuster: a person tasked with the responsibility of determining if a loss is covered by an insurance policy, and, oftentimes, write a check to the insured party.
Agent – an individual who sells insurance policies on behalf of a particular insurance carrier. One individual may work for a privately owned insurance business that works with one or multiple insurance carriers.
Assured – another term for the person being insured on the policy.
At-fault – the party who is liable for damages sustained by another party. In the case of an auto accident, “at-fault” would mean the person responsible for the auto collision.
Bodily Injury – this refers to an injury a person sustains. In terms of auto insurance, bodily injury liability coverage is specifically designed to cover the costs resulting from such an injury.
Carrier – another way of referring to your insurance company. Ex: Erie Insurance, Travelers Insurance, Progressive Insurance
Claim – a claim is a formal request made by the insured to restore themselves to their previous state before the time of the loss.
Claimant – any individual or entity that is requesting payment from an insurance company.
Coverage – specific protections or benefits that are usually outlined in your insurance policy. Coverages can be found on the Declarations Page.
Damage – Monies the at-fault party is required by law the pay to the injured party.
Declarations Page – the page in your insurance policy that lists all of the important, essential information i.e. name, address, policy number, coverages, limits, premiums, deductibles, and dates of coverage.
Deductible – in the event that you file a claim with your insurance company, your deductible is the pre-set, agreed upon amount of money you pay out of pocket before your insurance company covers your claim up to your policy’s limit. In case you suffer damages totaling $6,000 and you have a $500 deductible, you would first pay the $500 and your insurance company would cover the remainder, up to your policy’s limit.
Estimate – the amount of money predicted, usually by an adjuster, to be made in order to repair or replace the covered property that is damaged.
Insured – the person or organization for which the insurance company is providing coverage. The insured’s name is typically listed on the declarations page.
Insurer – the company or organization tasked with providing insurance policies to the insured.
Liability – the legal obligation an at-fault party has to pay for damages sustained by the affected party. For example, if you are hit by a driver of another vehicle, the driver of the other car is liable for damages to your car and, possibly, your person.
Limits – an agreed upon dollar amount that the insurance company pays for a specific coverage for a particular claim. If the limits on the policy are exhausted, the insured party would be responsible to pay for any outstanding balances.
Loss – damage caused an insured piece of property. A “covered loss” refers to any damage or injury an insurance policy provides protection for. For instance, damage caused by a wind storm is covered. Damage caused by flood is not covered under a typical home insurance policy. Rather, the insured would need to obtain flood insurance separately through FEMA.
Named Insured – the person or entity for which the insurance coverage is being provided. This person or entity is typically listed on the declarations page of the insurance policy. In terms of business insurance, the named insured is the business, while its employees are insured only while performing their specific duties for the company.
Policyholder – Similar to “insured”, this term refers to the person or entity being covered by the insurance policy. Again, this name would appear on the declarations page.
Premium – An agreed upon amount that the insured pays the insurance company in order to be provided coverage.
Replacement Cost Coverage – Unlike with Actual Cash Value, this type of coverage refers to the cost of replacing property while not factoring in depreciation due to normal use or wear and tear over time.
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Insurance Myths
Believe it or not, there are many common misconceptions about insurance. A popular one is the idea that, if you drive a red car, you pay more for your auto insurance than someone who drives a car of a different color. The truth is, the color of your car has absolutely no affect on the cost of your auto insurance. What does determine how insurance premium (what you pay) is the age of the vehicle, the make, and the model. Additional factors may be your credit history and where you live.
If your car suffers damage in an auto accident, your insurance will automatically provide you with a rental car.
Rental Reimbursement is an optional coverage apart from your standard auto policy. It must be purchased separately and added as an endorsement to your auto policy.
If your car is deemed a total loss in an accident (when it costs more to restore your vehicle to its pre-accident state than the actual value of the vehicle), you are no longer required to make your car payments.
We have both good news and bad news in a situation like this. The bad news is that your car’s value depreciates as soon as your drive it off the lot. As a result, if you are involved in an accident, it’s possible that the value of the car is less than the cost to restore it to its original state. Ask one of our insurance agents about how gap coverage can help you in paying off a balance you may still owe on your car.
Your landlord’s insurance policy covers your personal belongings.
Typically speaking, your landlord’s insurance policy will only cover the structure in which you live. Your personal belongings must be protected by your own renters insurance policy. To ensure that you get as much money as possible to recover your lost or damaged items, seriously consider doing an inventory that states, in detail, what each item is worth. In order for your insurance company to reimburse you properly, it’s best to have this inventory completed before the time of the loss.
Homeowner’s insurance only needs to cover the market value of your home.
The easiest way to avoid having to think about construction and labor costs in case your home is destroyed, talk to one of our agents about Guaranteed Replacement Cost. It’s the best kind of coverage when it comes to rebuilding your home back to its original state.
Floods are covered under a homeowner’s insurance policy.
False. Flood Insurance is handled by FEMA. If you either live in a flood zone or have a mortgage on your home, you are required to have flood insurance.
If your belongings are destroyed, your insurance will buy you all new stuff.
If your personal belongings are destroyed in a disaster such as a fire, you are going to need new stuff. When it comes to replacing your lost items from a covered claim, make sure that you have Replacement Cost Value Coverage on your policy because it’s the only way you’ll be able to have your insurance cover the cost of a new television. If you have Actual Cash Value instead, it means that your insurance will give you the value of what it deems to be the cash value of your television at the time of the loss. For instance, if you have a television that is ten years old, obviously, that television’s value is going to be less now than it was when you first bought it ten years ago. Don’t put yourself in a position where you’ll get Actual Cash Value for your loss.
You will always be paid the stated value for your “scheduled” items.
If you have items “scheduled” on your insurance policy, there’s a chance they may only be covered by the current Replacement Cost Value up to your stated limit on your policy. Ask one of our agents about your options when it comes to coverage limits.
You don’t need an insurance agent.
When it comes to covering your most valuable possessions like your home, your cars, your business, and even your life, it’s probably a better idea to let an experienced insurance agent give you the guidance you respectfully deserve rather than relying solely on yourself. Call us today! 301-948-2010 We’re here for you!
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