Month: September 2016

Taking Inventory of Your Possessions

Posted on by Martinson Agency

Taking Inventory of Your Possessions

September 22nd, 2016 — Martinson Agency LLC — Chaska, MN

Individuals who have an accurate and available record of all personal assets will often be able to help mitigate the disruption and stress associated with a loss. While you could certainly do little more than write all of your items down on a piece of paper, you might want to go a bit further than that to have a more useful point of reference for your possessions and to help protect you in the event of a loss.

Notably, the National Association of Insurance Commissioners, a group devoted to insurance research and information dissemination, points out only about 40 percent of consumers actually keep a proper inventory of their assets.

Setting Yourself Up For Success

Before taking inventory, you will need to have the right information about your assets. Consider holding on to receipts, especially for more expensive, prized and longer-lasting items like your furniture, antiques, artwork, jewelry and electronics. Also, try to keep your accounting for new possessions categorized. For example, if you have a computer that you use for work and a television for entertainment, keep those items separate.

Property Management Insider, a publication that focuses on asset management, suggests also keeping track of makes and models from manufacturers, and also label the inventory record for where the item resides at any given moment. More obviously, the news source recommends immediately crossing items off of the list when you sell, dispose of or otherwise eradicate assets.

You can then check your inventory once a month or whenever you add or remove an item to ensure it is timely and accurate on a rolling basis.

Easing The Task

You do not necessarily need to find a big ledger and keep all of your inventory on paper. In fact, this will not be the safest, nor most efficient, way to keep up. It’s a better idea to keep inventory information safe outside of your premises, particularly in digital form. Consider one of these apps for personal property inventory management:

“Sortly”: An organization app specifically built for inventory, and several notable publications such as Forbes and Fast Company praise it.

“Know Your Stuff”: The Know Your Stuff app was made by the Insurance Information Institute. It was created as a free app, which offers a range of special capabilities that improve the visibility of your possessions.

As always, part of maintaining protection for your inventory of assets is the right insurance coverage. For more information on the options that are available to you contact your independent agent in Chaska, MN today!

Don’t leave your insurance to luck! Call today us today!

Phone: (952) 314-4400

Email: jphagen@aibme.com

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Do College Students Need Renters Insurance?

Posted on by Martinson Agency

Do College Students Need Renters Insurance?

September 15th, 2016 — Martinson Agency LLC — Chaska, MN

Parents will face plenty of stress when sending their kids off to college. The safety and security of college students’ personal items – including bicycles, computers and other, more expensive belongings – will likely come to mind, begging the question of whether or not to purchase a renters insurance policy.

It is worth noting that most home owner’s policies extend some contents and liability coverage to family members away at school. However, the types of smaller, more likely losses that happen at college may also be less than many homeowners policy deductibles, potentially leaving families to self-insure such property. In addition, what might be covered in a college dorm might not be covered in an off-campus apartment rental. Your independent agent can help you navigate all the questions and options to ensure you have the information necessary to make the right decision.

If possessions and personal liability are not going to be fully covered by your home owner’s policy, you will need to weigh the cost of renters insurance against the benefits.

Let’s break down the facts to help you to decide how to proceed:

  • The National Center for Education Statistics, a government agency tracking higher education trends, recorded 27,600 incidents of crime at universities in 2013. Roughly 15,500 of those – or 56 percent – were burglaries.
  • Citing FBI data, news publication USA Today reports bicycle thefts are the leading crime at college campuses, with an average loss of $250 per incident and annual damages adding up to $350 million. As noted below, most basic renter’s policies are fairly inexpensive, so it may be hard to imagine the yearly cost of renters insurance being higher than a potential theft or loss.

Consider the following information:

  • The National Association of Insurance Commissioners, a trade organization for insurance regulatory professionals, estimates the average monthly premium for renter’s insurance falls between $15 and $30.
  • Computers, textbooks, bicycles and other common items kept in dorm rooms and college apartments can be easily valued in the thousands of dollars.
  • CNN Money noted renters insurance can cover liability and extra living expenses in addition to personal property.

At the end of the day, you might want to reach out to a professional to figure out if renters insurance is right for your student. Contact the Martinson Agency in Chaska, MN today to gather more information.

Don’t leave your insurance to luck! Call today us today!

Phone: (952) 314-4400

Email: jphagen@aibme.com

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