Review insurance policy before wildfire strikes

By KARI KRAMER | East Texas Edition

Jan. 12, 2006 - Many property owners may not think about their insurance until it is time to make a claim, but with the widespread occurrence of wildfires in Texas, it may be wise to consider coverage now.

James Langford, vice president of compliance, regulatory, and governmental affairs with Texas Farm Bureau Insurance, said examining insurance coverage is very important.

�They need to get their policy and go through the policy,� Langford said. �Sit down with the agent, because some of that language in insurance policies is difficult to understand.�

He said owners should be examining what coverage they have and what additional coverage they might require.

�They need to make sure they have the right amount of insurance,� he suggested. Structural additions can add value to properties, like room additions, barn modifications, and remodeling.

�The same is true for personal affects,� he said. When new appliances, furniture, and clothing are purchased, insurance coverage should be adjusted to reflect the value of the new property.

Langford said the value of insured property should be evaluated annually because “if nothing else, you have an inflationary factor” that will increase the property value.

Understanding coverage is important to ensure that valuables are covered.

Langford explained that barn structure coverage does not extend to items (and equipment like tractors) inside the structure.

�Farm equipment needs to be covered through a policy specific to that equipment,� he said. He added that if a landowner has hay and feed, those items should also be properly insured.

�An agent would be more than willing to sit down and go through that with you,� he said.

Before reviewing the policy with an agent, Langford also suggested having an inventory list of all property.

�That serves as documentation to support your claim,� he said. Materials like linens, dishes, silverware, and clothing covered under household goods should be evaluated.

In addition, he recommended recording the serial numbers from items like televisions, stereos, and other electronics. Not only does that aid authorities in the event of a theft, it also helps insurance companies determine the exact value of the property in the event a claim is filed.

Evaluating property and insurance coverage may take time, but Langford said they are necessary steps in property protection.

�It�s a process you need to go through,� he said. �Know what all you have and be sure you keep up with that.�