Welcome back! It’s Day 2 of our week-long spring cleaning series. (Read Day #1 here!)

Spring cleaning can be a lot more than just cleaning out closets and putting winter items away: how about “cleaning” and organizing your financial house as well!

Pick a topic below and get started!

Insurance

Having adequate coverage is key, just in case the unexpected occurs. You never know when Mother Nature might cause a slight disruption in your life, so get ready!

1. How much is your home worth? Do you have enough insurance on your home to rebuild it if it is destroyed? Do you even know how to calculate the amount of insurance you need? Learn how to estimate your home’s value.

2. Am I covered? The more you know and understand about home insurance, the better you can insure yourself and your family in case of loss. Top questions to ask your agent…

3. Get extra coverage. Did you know that most home owner’s insurance policies only cover about $1000 worth of electronics and only $1500 worth of jewelry? Look into extra riders to make sure your possessions are protected…

4. Review your policy. There are about five key events that should trigger a review. The first one is…

Finances

1. Start an emergency fund. Unexpected medical bills, disasters, even car accidents - you should have a pool of money set aside for these little speed bumps of life. Learn how to get started…

2. Do a home inventory. It’s like “found money” - it can help you make your case to the insurance companies when filing a claim after a loss, theft or natural disasters. Learn more…

3. Write a will and name beneficiaries for major policies. Take care of your finances for your loved ones before it’s too late. Start today.

That’s Day 2! Check back tomorrow for tips on how to prep your home for the spring severe weather season ahead. Have a tip? Post it in the Comments section below!

Overwhelmed with spring cleaning? Can’t even begin to think about all those chores you have to do for your work, home or car?

Well, not to worry! Bookmark this page or come back and visit us each day this week - we’ll get you ready for spring in no time!

First things first: get organized at HOME!

1. Spring cleaning. For general cleaning, one of the best resources out there is Real Simple’s section devoted to this seasonal drudgery. If you’ve experienced a disaster, fire, or even water damage, you know that cleaning up after these messes requires a lot more work. Read our Start the Cleaning Process article for tips on tackling those dirty jobs.

2. Safeproof your home. As the temperatures rise, so do the number of home invasions. Take a few minutes to gloss over these home improvement tips and tasks you can easily do to keep thieves away.

3. Get organized. In order to do your taxes, you’ll need an organized space to do them. We asked home office organizing expert, Lisa Kanarek, to offer her top tips on getting organized - read her handy advice here.

4. Finally do that home inventory! Never done one? We’ve made it easy to get started…

That’s all for Day #1 of our Spring Cleaning Series! Check back tomorrow for advice on getting your insurance policies in order (including top tips from insurance agents!!).

Bloggers Marc and Angel have a list of the top ten phone numbers you should have in your cell phone just in case. You just never know when you might need them!

• 10 Handy Numbers to Save in Your Mobile Phone [Marc and Angel via Lifehacker]

Also, this brings to mind another blog post from a while back:

• Four Professionals Everyone Should Keep on Speed Dial

Still in need of additional contact lists to have just in case? Print out these handy emergency contact lists to keep a hard copy of your contact numbers - store them near your landlines at home or at work.

Taxes, filing, inventories…sometimes you need to organize before you can start organizing!!

To help you make home office and home organizing a little easier, we spoke with Lisa Kanarek, home office organizing expert and author of “Home Office Solutions: Creating a Space That Works For You”.

Here are her top recommendations about the things you can do today to get organized, save money and get ready for the New Year ahead:

WHN: How do you advise home office owners/homeowners on how to do a home inventory of their office?

Lisa K.: Start by listing all the important equipment you own – computer, fax, printer – it probably won’t be much [in your home office]. Write down the year, when and where you bought it. I tell home office owners to [videograph] everything: grab a camera and just start taping everything. Keep one copy [of the footage] in your office and another offsite, in case a disaster hits your home.

WHN: Should you back-up your computer files, just in case?

Lisa K.: Every week you should do a back-up of your hard drive. You don’t have to do everything, just do the new things you added in the past week. I use a flash-drive and do two back-ups and keep one on site and one offsite.

Keep reading… 

Burglaries can happen at anytime and to anyone. Charlize Theron is just the latest victim in a string of Hollywood Hills break-ins. Her house was broken into this weekend, according to Tmz.com. There is no word yet of what if anything was taken.
So what can you do to make sure your home is safe from burglars? Well, nothing is burglar-proof but there are a few things you can do to keep thieves at bay:

1. Lock up: Don’t make it any easier for thieves. Keep doors and windows locked tight. Not sure about the safety of the locks or the quality of your doors? Top improvement tips from home security experts…

2. Home security evaluations: Contact your local police department — many police departments offer free home security checks.

• A uniformed officer will visit your home and evaluate your locks, windows, lighting, shrubbery, alarms systems, etc. and then provide improvement recommendations. Follow through with these recommendations.
• Your insurance company might also provide these kind of services.

3. Security systems: Consider equipping your home with a security system. Alarm systems can alert the police or fire departments directly, include a panic button and an outside alarm.

• Read our article Buying a Home Security System to learn more.

4. Keep reading…

This is the second half of the article “Insurance Riders: Do I Need One” written by our guest insurance blogger, Stephen Hadhazi. Missed the first part? Read it here!

What’s the difference between replacement cost value and actual cash value? Does it really matter what coverage I have on my home owner’s policy? Stephen Hadhazi, a certified public insurance adjuster, tackles the answers to these very questions:

Personal Property Limits

The contents of your home are generally insured for 50% to 75% of the total dwelling limits. If you carry $100,000 of insurance on your home, you may have personal property coverage of $50,000 to $75,000 depending on your policy’s provisions. Is it enough?

Further, depending on the type of replacement coverage you carry, the contents of your home could be dramatically underinsured. There is a huge difference between Replacement Cost Value endorsement which will replace your possessions with brand new, like-kind items and Actual Cash Value, which depreciates the possessions and pays only a fraction of their original cost.

In many cases, however, the term Replacement Cost Value reimbursement can be a slight misnomer both on personal property and structural claims. Nationally, many Replacement Cost Policies state that they will pay only the Actual Cash Value until such time replacement has been completed and you send them proof of the replacement.

Under such circumstances, you should also be aware that reimbursement of the full depreciated amount is also contingent on you spending at least the amount of the replacement cost amount allowed by your insurance company.

For example, you filed a claim for damage to a five year old sofa and your insurance company allowed a Replacement Cost Value (RCV) of $2000. You agree that the average useful life expectancy of the sofa would be ten years. The adjuster then depreciates the sofa at the rate of 50% leaving you an Actual Cash Value (ACV) of $1000.

The adjuster then writes you a check for $1000 and then tells you that you have a certain amount of time, usually 6-12 months, to replace the sofa and file for reimbursement of the $1000 they held back in depreciation under the Replacement Cost benefits of your policy. You then find a suitable replacement couch on sale for $1,500.

You eagerly send in your receipt to your insurance company expecting to receive the $1000 they held back in depreciation. However, you’re also limited by what you actually spent for replacement so instead you get a check from your insurance company for an additional $500 with a thank you note for saving them $500.

Check back tomorrow for the conclusion of Stephen’s article, complete with a list of personal property limits for most policies.

By Stephen Hadhazi, our guest insurance blogger, public insurance adjuster, and publisher of DocuDamage.com

You pay your homeowners premiums on time and feel reasonably comfortable that you are well covered should disaster ever strike, right? Wrong. Even if you think you have adequate coverage, you could be drastically underinsured. The typical homeowner’s insurance policy includes the basics that most people need and places limits on the coverage.

The basic policy offered should be considered a starting point, not the final solution. Endorsements (or riders) are important (but often overlooked) tools that modify the insurance policy to better meet your insurance needs. They don’t usually add a significant amount to your premium and most are put into effect immediately though this will vary from company to company.

Structural Limits

Does your policy cover water damage from burst pipes? Many bare bones policies don’t contain this important coverage and policyholders don’t find out until they file a claim.

1. Most policies cover water damage from windstorms such as when the wind blows out a window and the rain gets in – unless you live in a hurricane or tornado prone area where you might need to purchase windstorm coverage or pay extremely high “hurricane deductibles” which average 2% of the value of the home but can be as high as 5%.

• At an average home value of $200,000 this equates to some $4000 to $10,000 right off the top of any damages you incur. In effect, the cost of your roof has been deducted.

2. Floods and earthquakes are excluded from standard policies.

• This could even include flooding during a hurricane if it’s not wind related. In the Katrina disaster, many engineering firms were caught changing their reports to reflect the cause of loss to be from Flood rather than Wind, which is what the insurance companies needed to be able to justify the denial of millions of dollars in property damage claims.

3. Another potential problem with your coverage involves the cost of rebuilding.

• Do you have enough insurance to cover the cost to completely rebuild your home using current construction costs? If your home is older, you may be forced to upgrade to current building codes which can be cost-prohibitive.

Endorsements to consider:

• Earthquake insurance - usually covers earthquakes, volcanic eruptions, and landslides
• Flood insurance
• Inflation guard - ensures that your policy keeps up with inflation including building costs
• Law and code enforcement - pays to get your house up to current code during rebuilding
• Mold rider
• Sewer backup

Check back tomorrow for Stephen’s advice on personal property limits and endorsements (riders)!

Productivity and frugality blog, WiseBread, has a great post about the top 6 professionals that you should have in your phone’s contact list…just in case. I’ve narrowed their list down to three and added in one extra professional I think you really should have in case of emergencies:

Attorney: Whether it’s a car accident, medical lawsuit or helping you draw up a will or other important document, everyone will probably need or meet with a lawyer at least once in their lifetime. Before something major happens, do the scouting now:

• Nolo.com (this is a commercial site but they have good, basic information on how to find a lawyer and understanding fees)

Doctor: Even if it’s just a cold, having a doctor that you can trust can make the world of difference. Build that relationship now before you feel under the weather:

• Choosing a Primary Care Doctor
• Choosing a Pharmacy and Pharmacist
• Finding the Right Hospital

Insurance Agent: Auto, car, life, medical, home owner’s and rental insurance…doesn’t matter what coverage you’ve got, you’ll need a great agent to get the coverage you need and help you get the most out of your claims.

• Auto Insurance Coverage: What to Ask Your Agent
• Home Owner’s Insurance: What to Ask About Your Coverage
• Purchasing Flood Insurance
• Working With a Claims Adjuster

Mechanic: Let’s face it. Someday (could be tomorrow, could be next year), something in your car will break. You’ll need a great mechanic you can trust to get your car back on the road - and fast. Otherwise, you’ll be back in the shop before you know it.

• Choosing a Mechanic

What professional couldn’t you live without? Share your thoughts in the Comments section below! (Thanks, WiseBread!)

According to a recent MSNBC article, cell phone companies “hold subscribers responsible for calls made with stolen phones. The bill for such calls can be thousands of dollars, and many carriers hold firm on the policy. That means you must report a stolen or lost phone quickly. Err on the side of caution. A phone can re-enabled if you find it later.” (Full article)

Another tip: Knowing your cell phone’s serial number can really help. How? When reporting your cell phone as stolen, also give your service provider this number. They will be able to block your phone so even if the thief changes the SIM card, your phone will be totally useless - no calls, no downloads.

How to find your cell phone’s serial number:

1. Type in the following on your phone: star-pound-zero-six-pound (* # 0 6 #).
2. A fifteen digit code will appear on the screen — this is your phone’s serial number.
3. Write it down and keep it safe.

Additional purse/wallet theft prevention tips…

Headed away for the weekend? Or just want to keep your house safe? Here are our top tips for preventing burglary and break-ins:

1. Locked tight: Lock your doors and close your windows even if you step outside for just a moment. Theft is a crime of opportunity.
2. Home security evaluations: Contact your local police department — many police departments offer free home security checks.
   • A uniformed officer will visit your home and evaluate your locks, windows, lighting, shrubbery, alarms systems, etc. and then provide improvement recommendations. Follow through with these recommendations.
   • Your insurance company might also provide these kind of services.
3. Security systems: Consider equipping your home with a security system. Alarm systems can alert the police or fire departments directly, include a panic button and an outside alarm.
   • Read our article Buying a Home Security System to learn more.
4. Keep reading…