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OFIR Encourages Consumers to Use Free App to Protect Possessions from Severe Weather
April 26, 2012
LANSING - As Michigan braces for the tornadoes, floods and violent storms that accompany the spring and summer seasons, the Office of Financial and Insurance Regulation (OFIR) today urged consumers to create a detailed record of their valuables and belongings.
To help consumers with this documentation, the National Association of Insurance Commissioners (NAIC) has created the free myHOME Scr.APP.book application that makes it easier for consumers to document their possessions, update their inventories and store the information for easy access after a disaster.
The app is available for both iPhone® and Android® smart phone users and lets users capture images, bar codes and serial numbers of personal possessions and stores the information electronically for safekeeping. The app organizes information by room and creates a back-up file for email sharing. To download the free app, go to the iTunes® or Android® Market app stores and search “NAIC.”
For those without a smart phone, the NAIC offers a downloadable home inventory checklist and tips for effectively cataloguing your possessions. Both are available at http://home.insureuonline.org.
“A violent weather event can affect the possessions of any Michigan consumer,” Commissioner Kevin Clinton said. “Creating a detailed home inventory and storing it in a safe place is one of the best ways to ensure that your possessions are protected.”
Before severe weather strikes, consumers can use their inventory to evaluate their coverage and determine if they need to update their policies. It’s important to know that how much is reimbursed varies greatly from policy to policy. On average, home contents are reimbursed only up to 50 percent of the home’s insured value, i.e., $50,000 to replace the contents of a home insured for $100,000.
Items to Consider when Determining Home Insurance Needs:
Additional insurance tips to help prepare for a possible natural disaster:
If you have a question or complaint about an insurance company, policy or professional contact OFIR toll free at 877-999-6442 or www.michigan.gov/ofir
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