Tragedy was averted

Leo Quinn distributes a newsletter full of financial advice. My friend Neil Richmund, owner of Coffee News Indy, forwarded it on to me. Since one of the initiatives of this blog is to educate by telling real-life stories, I wanted to share it with you...

Tragedy was averted Saturday morning just two doors down from my parent's house. As my father went to bed around 1AM he noticed a bright light outside. A neighbor's house was on fire. He yelled to my mother to call 911 and headed outside. There was no sign of the neighbors by the time a police officer arrived.

The officer broke in the back but was stopped by the smoke and fire. He was able to get in the front and got them out. Even though the fire burned not 10 feet from where they slept, they heard nothing. Luckily the fire was put out quickly and actual fire damage was limited to the back 1/4 of the house. Soot and smoke damage, however, was everywhere.

A couple lessons we can all take from this: 1) Make sure your smoke detectors WORK! and 2) Check your homeowners/rental insurance. Make sure your insurance covers replacement value without factoring in depreciation factor. If you need to make a claim, calculating depreciation just adds to the hassle.

I have a third item to add to his suggestions ... have an inventory of the contents in your home and/or business. This information will maximize your claim and lessen the turmoil of trying to remember and prove everything that is now gone!