WHAT TO DO BEFORE A LOSS

Unfortunately, some homeowners and tenants will suffer losses to their homes and possessions. Fortunately, there are steps that can be taken to minimize the amount of loss or extent of damage, and to make the filing and processing of a loss a little bit smoother.

As discussed previously, one thing that will make filing a claim for losses easier is the existence of a household inventory. In addition to a written inventory, it might be helpful to engrave your larger possessions, (such as televisions, VCRs, stereos, radios) with an identifying mark. This can be done with etching equipment that is usually available, on loan, from your insurance company or local police station. You can also purchase this type of equipment in a hardware or locksmith store. This type of engraving is especially important if any of your possessions are stolen and eventually recovered. You should also record the serial numbers of any electronic or computer equipment.

Smoke alarms, properly installed and maintained, can provide an early warning of a fire. This simple precaution could minimize the property damage caused by a fire and, more importantly, save lives. Some homeowners now have sprinkler systems in their homes. These systems can also minimize fire damage and save lives. Small fire extinguishers, strategically placed in your home, can help keep a small fire from becoming a much larger one.

You should inspect the locks on your front door or any other door that gives access to your home. The installation of dead bolt locks will certainly make entrance into your home more difficult. Basement windows, first-floor windows or any window opening onto a fire escape should be equipped with a window lock. Before installing iron bars or gates across your windows, you should check with your local fire department to find out if local fire ordinances prohibit the use of these devices.

In addition, the use of electronic security systems has increased over the past few years. These systems set off an alarm whenever someone enters a home without using an appropriate security code. For an additional annual fee, a central reporting station will notify your local police precinct whenever the alarm is triggered in this manner.

Coastal area residents have experienced major property damage from severe weather storms in recent years. These homeowners might want to consider installing hurricane/storm shutters and/or hurricane resistant laminated glass windows and doors. While these products are relatively new on the market, if a homeowner was considering replacing older windows and doors or having a new home built, they should consider using these products if they reside in coastal areas.

Some insurance companies offer discounts for installation of any of the above devices. In fact, they are required by law to offer discounts to any homeowner who has installed hurricane/storm shutters or hurricane resistant laminated glass windows and doors. Check with your agent, broker or insurance company sales representative about whether you can take advantage of such a discount.

Reprinted from New York State's Consumer Guide to Homeowner Insurance.