May is Nevada
Wildfire Awareness Month (NWAM). The theme is a call to action: Prepare Your Home For Wildfire. There
are many things to do to prepare your home for fire, it’s also important to
have adequate insurance to protect yourself financially if a fire were to
damage your home. To do this, the Nevada Division of Insurance recommends that
you conduct a home inventory and an annual policy review.
inventory and review will ensure appropriate and adequate coverage is in place
to protect your home and belongings.
step is to make a home inventory. Document all of your belongings, and be sure
to include home improvement items, electronics and other specialty items like
jewelry. It is helpful to take photos or make a video of all your belongings
and set up a file to store receipts for purchased items.
Division has resources available on its website to
help homeowners and renters. This includes a home inventory checklist for download,
as well as a free myHOME Scr.APP.book
app for iPhone and Android. The app guides the user through making an
inventory, and storing it electronically for safekeeping.
calling your insurance agent or insurance company read your insurance policy
and declarations page which shows your coverage levels. When you call, ask for
an “annual policy review.” During the
review disclose the contents of your home inventory, and ask if the current
insurance coverage is adequate.
questions to ask during your policy review:
- Have any
changes been made to the coverage levels since the last renewal; if so, by whom
- Does your
policy provide for replacement cost or actual cash value coverage? Replacement
cost is the amount it would take to repair or replace your home or possessions.
Actual cash value is an estimate of what the item is worth now. It is
determined by deducting depreciation from the replacement cost.
valuables require special coverage. Tell your agent about any big ticket items
such as electronics, jewelry, fine art or off-highway vehicles and ask if you
need special coverage.
Be aware that
your home insurance does not pay for any damage to your car even if it is
parked in your garage when it sustains damage. Damage to your car will only be
covered by the comprehensive portion of your auto insurance policy.
If you are a
renter and you have renters insurance, you should also conduct a home inventory
and policy review.
If you don’t
have renters insurance you should consider purchasing it. Your landlord's
insurance will generally protect the structure but not your belongings. Renters
insurance is inexpensive and typically protects your possessions from all the
perils that traditional home insurance would.
information about home insurance or to contact the Division with a question or
concern visit doi.nv.gov.
About the Nevada Division of Insurance
The State of
Nevada Division of Insurance is a division of the Nevada Department of Business
and Industry. It is the state agency that protects the rights of Nevada consumers and regulates
Nevada’s $11.5 billion insurance industry. It has offices in Carson
City and Las Vegas. In 2013, the
Division investigated more than 2,300 consumer complaints and recovered nearly $4.4
million on behalf of consumers. For more information about the Division of
Insurance, visit DOI.NV.GOV.