Can You Name Every Item in Your Home?

Many people don't think about the many items they have collected over the years. Many items are used every day, but often never thought about. Many items are replaced throughout the years, but no thought is given to the increased value of inventory. Creating and maintaining an inventory of items in your home can help ensure you have purchased the right insurance coverage. In the event of a loss, it can help you settle a claim faster, and put less strain on your brain in an already stressful situation.

How do You Create Your Home Inventory?

Creating and maintaining your home inventory is easy with free software available from the Insurance Information Institute. At knowyourstuff.org you can download the free software, learn how to use it, and continue to maintain and update your inventory after it is completed. Their free secure online storage will allow you to access your inventory anywhere, any time. You never know when a claim may happen, but you can be prepared with an up-to-date online home inventory.

What Should You Include in Your Home Inventory?

You should take inventory of everything of value in your home, and update the list as you acquire new items. Here is a list of some of the most common items:

• Electronics (TV, Gaming Console, Computer)
• Kitchen and Household Appliances (Washer/Dryer, Microwave, Oven, Refrigerator)
• Furniture
• Clothing
• Jewelry
• China
• Silverware
• Artwork
• Antiques
• Linens
• Books
• Guns
• Sporting Equipment

Some items like jewelry, antiques, and other special items, may need to be insured separately. Talk to one of the specially trained independent agents at Rutt Insurance to make sure you have the coverage that you need.

While every enthusiast knows that cars are the opposite of commodities, it’s still true that the collector car market runs in cycles, just like grain and gold. A few years ago, the collector car market boomed in a way that would make Bitcoin speculators blush. Thankfully, the heat came out of that climate in 2014 before any bubble burst, but things have mostly been sleepy ever since. This "soft landing" persisted in 2017, but there are clear signs the market is starting to wake up again. The folks at Hagerty explain….

First of all, the collector car market changed less over the past year than at any point over the past decade. This stability was demonstrated in value adjustments as reported in the Hagerty Price Guide (which were minimal), activity among the broad-based Hagerty Hundred Index (which was static during 2017), and in North American auction totals (which were only a shade under the level from 2016).

While little has changed in the market at a 30,000-foot level, upon closer inspection some sectors are clearly stirring. For example, six of Hagerty’s seven indices have gained value since September—the first time in two years this has happened. Additionally, those cars that did lose value did so at lower rates than they in the first eight months of 2017, which indicates that the most volatile cars in the market have found their footing.

Another positive sign is that more expensive vehicles are also making moves. Cars in the $50,000–$100,000 range grew in value by five percent, and options in the $100,000–$500,000 range recorded average gains of nearly one percent. It was this latter slice which had retreated the most since 2014, so this is a significant reversal. Lastly, more high-end cars increased in value than decreased in value over the last four months of the year, inverting a trend that emerged at the beginning of 2017. Increased spending in the more expensive segments suggests that buyers at this level are becoming much more optimistic about the direction of the market, which typically leads the rest of the market.

Even when looking at auction totals that were two percent shy of those recorded in 2016, there are still encouraging signs. Although gross numbers fell by two percent, to $1.28 billion, fewer cars were offered and the average sale price was up by two percent, as was the overall sell-through rate (hitting a high not seen since 2011). In short, owners aren’t looking to cash in on recent big gains, and buyers are more comfortable spending money—all of which is good news.

Furthermore, cars from the 1990s have realized the biggest gains since September, with average prices increasing two percent, putting them up 10 percent for the year. British and German cars all made strong moves to close out the year, with price changes in the one- to two-percent range. Among these cars, the Triumph GT6 rose by six percent and the BMW 2002 spiked by 12 percent. High horsepower cars (up 11 percent), luxury performance cars (up 12 percent), exotics (up eight percent) and trucks (up six percent) all underscore that there is growing interest under the surface.

It’s not all roses, however. Despite moving in the right direction, four of Hagerty’s seven indices are still below where they were a year ago, even if only by a point or two. Expensive "high-volume" cars such as the Ferrari 275 GTB continue to drop, down four percent over four months and nine percent year over year, which will likely keep the best examples off the market for a little while longer. Mercedes-Benz 300SL roadsters, down six percent, are also on the same track. Despite interest generally creeping upmarket, cars in the $500,000–$1,000,000 range are still down one percent from a year ago. Cars in this segment may be moving up, but they are starting from a trough.

Some other cars that were major movers in 2016 have started to coast. The Ferrari Enzo jumped in value by 76 percent in 2016, only to increase by just nine percent in 2017. Early Volkswagen Beetles (1946–48) are up four percent over the past 12 months following a 21-percent climb in 2016. And the Ferrari F355 adjusted downward by nearly 10 percent this year after increasing by an average of 46 percent a year ago. There are dozens of other examples that show cars either losing speed or changing direction.

All of this is a great reminder of another similarity between collector cars and commodities: There are few sure things. While prospects are looking up for next year, individual results can vary greatly.

-Content used with permission, received from, and originally published by Hagerty

Homeowners Should Always Increase Precautions When the Temperature Drops.

• Temporary Measures
  • During extended periods of sub-freezing temperatures, increase thermostat settings to at least 60º F throughout the home to help ensure adequate temperatures are maintained in colder spots.
  • Open bathroom or kitchen cabinet doors that run along outside walls so that warmer room air can circulate trough them. If you have pets or children, be mindful of chemicals stored in cabinets.
  • To prevent exterior faucets from freezing, shut them off from inside the home and drain remaining water from the pipes. Exterior irrigation systems should be winterized.
  • Standing water freezes faster than running water. During periods of low usage and on frigid nights, turn on a faucet at the highest point in the home. Keep water stream low, so that only a small amount can trickle through pipes running through cold spaces.
  • If the water meter is operating buy your water is not running, you may have a frozen pipe. Once the pipe thaws, it could burst. If you discover a frozen pipe, close the main water shut-off valve and call al plumber immediately.
  • If you're away from home for extended periods of time, turn off the water. This may not prevent frozen pipes, but it can significantly reduce the damage.

• Permanent Measures
  •  Install an automatic shut-off system designed to stop water flow when a leak occurs.
  • Add several low temperature sensors to your central station alarm system. Place them in remote areas of your home.

• If Damage Occurs
  • Locate the main water shut-off valve and close it immediately.
  • Call an emergency service restoration company to facilitate repairs and start the dry-out process.
  • Move undamaged items away from the affected area.
  • Contact us or your insurance claims hotline to start a claim.

Content received from Specialty Brokerage and Originally published by AIG Personal Insurance

Many of us enjoy traveling away from home throughout the year, whether it's for an annual vacation, an upcoming holiday, a honeymoon, or to see the family.  Our trips can take us across the country or across the globe.

Your Homeowners policy covers your home and contents while you're away, but did you know the items you take with you are covered as well?  They're covered anywhere in the world! 

If your golf clubs are stolen, your luggage is lost, or you experience a hotel theft, your Homeowners policy may cover the loss.  There is a policy deductible and limits to high value items like jewelry, cash, precious metals, and guns so be sure to reach out to our agents to find out what's covered, if you have enough coverage, and if you need to take additional action to receive coverage.

Your personal liability coverage limit also follows you around the world.  Personal liability covers claims made against you for accidental bodily injury you cause to other people or property damage you cause to other property.  If you unintentionally break a window or kitchen appliance in your rental home or accidentally hit someone with your golf ball while golfing, there is coverage on your Homeowners policy.

Whether you're traveling across town or across the Atlantic Ocean, your Homeowners insurance follows you there.  Happy traveling!

Originally published by Goodville Mutual Casualty Company

Holiday Fire Safety at Home

Four fire hazards and tips to avoid them.