Orlando Bloom, $500K Theft and Insurance

Orlando Bloom’s home was broken into and it’s reported  that he lost up to $500,000 of jewelry, cash and artwork.  We hope he has a home inventory and riders to cover these items. 

Be sure you have enough insurance coverage for a theft, fire or disaster.  Two years ago, after doing an article on insurance, we realized our home insurance policy didn’t reflect the home’s value. 

What does that mean?

Essentially, if our house had burned, we had only enough insurance coverage to rebuild 1/3 of it.  This is because we didn’t tell State Farm about remodels, updates and new items we’d purchased.  State Farm thought it was still the ‘old’ house and had it at the ‘old’ house value.

Many agents don’t do an annual ‘check-up’ to be sure home/property/belongings are properly covered. If you’ve recently added to your home, improved or remodeled, contact your agent for a check-up. Don’t know how to do this? No worries – here are some starter questions for you to ask your insurance agent.

– Susan

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