Femi Olugbile, Realtor

HOMEOWNERSHIP > WHAT YOU SHOULD KNOW ABOUT INSURING EXPENSIVE GIFTS
AUGUST 29, 2017
What You Should Know About Insuring Expensive Gifts
By Patrick Bain, President, Long & Foster Insurance.

It’s easy to believe that once you have an insurance policy in place – whether it’s for a home you rent or a home you own – that all your belongings are covered and you can go about your life. However, there are a number of instances in which your insurance policy may not cover as much as you think.

Jewelry and watches, cameras and electronics, wedding and holiday gifts, fine art and family heirlooms aren’t always fully covered by a standard homeowners or renters insurance policy. Most standard policies will limit coverage on these types of items at $2,000 or less, which could be a fraction of their worth.

Additionally, the coverage limit may depend on the reason the claim is made. Your insurance policy may address claims for theft differently than claims for other types of covered incidents, and it might not cover accidental loss at all.

You can make sure that there are no gaps in your coverage of expensive items and gifts by purchasing an additional policy referred to as an endorsement or floater. These policies offer further coverage for expensive items in your household, and often include coverage for accidental loss. While an endorsement will increase your premium, they also have no deductible in the event of a claim.

Start reviewing your coverage by creating a home inventory of your belongings. Create a spreadsheet or list of your possessions, including information such as brand name, model number, serial number, a short description, the year purchased and the item cost. Consider taking photos of your belongings to keep with this list. Having a completed, up-to-date home inventory can help you better see where you might need extra coverage.

If you have expensive jewelry or fine art, having your pieces appraised will help ensure your insurance policy covers the correct dollar amount. Also be sure to keep copies of receipts on file for expensive gifts and items in your household. Having these documents handy and available should you need to make a claim will help speed the process.

5 cheap ways to stage the home you're selling:
RE SmartAsset
Rebecca Lake
Jul 25th 2016 2:15PM

If you're ready to sell your home, you're going to have to do a bit more than put up a listing and recruit an agent. In order to attract buyers, you might need to give your house a face lift. Hiring a professional home stager could be a good idea, but their services might come with a high price tag. If you're on a tight budget, here's how to stage your home without draining your wallet in the process.

Find out now: How much house can I afford?

1. Clear the Clutter
It can be difficult for buyers to get a feel for how their things will look in a home if there's junk everywhere. If your home is crammed with books and knick-knacks, it's a good idea to take care of that before any buyers come over.
You can start by going through each room and removing any unnecessary clutter. Ideally, you'd want a prospective buyer's eyes to be drawn to each room's best features (such as your amazing vaulted ceilings), not the pile of stuff in the corner.

2. Freshen up the Paint
A new coat of paint can work wonders for a home. If you can't afford to repaint your entire house, it's a good idea to focus on the rooms that buyers are likely going to pay attention to like the kitchen or the living room.
When you're choosing paint colors, it's a good idea to stick to neutral colors that accent your furniture. And here's another thing to keep in mind: Paint isn't just for walls. If your kitchen or bathroom cabinets are looking a little worse for wear, it might be wise to spruce them up with some glossy paint.

3. Get Creative About Coverings
You might love that floral print chintz sofa in your living room. But it could be a turnoff to buyers who prefer something with a more modern touch. Slipcovers can be expensive, but you can always throw clean sheets over an old couch or an ugly recliner. While you're at it, consider switching out your colorful bedding for something that's more low key.

4. Optimize Your Furniture
Once you've removed some of the excess clutter in your home, you can start rearranging your furniture. Something as simple as moving your sofa so that it faces your living room windows or putting your TV in a different spot can really open up a room.

5. Add a Touch of Color
Painting the cabinets white and the walls beige can neutralize your rooms, but you don't want them to look too bland. That's why you might need to spend a few bucks on small accents that bring in a touch of color.

For example, you can buy fresh flowers from the farmer's market, put them in a Mason jar and use that as centerpiece for your dining room table. Investing in a couple of new throw pillows or hand towels is another low-cost move that can make your home seem more appealing to buyers.

If you need to make any major adjustments to your home, it's a good idea to prioritize your projects. Revamping a kitchen can add a lot of value to your home but fixing a leaky roof instead might make more sense. If you're working with a small budget and you don't know how to maximize it, you can ask your real estate agent for some advice.