For those of you in the tristate area who aren’t hitting the ski slopes or escaping to the Bahamas this weekend, Presidents’ Day is a great opportunity to do some annual financial homework.
Listen to BOB VILA ON PRESIDENT’S DAY INVENTORY or read the text below:
First, check your homeowner’s or renter’s insurance policy to be sure your coverage is up to date. Do you have all the riders you need for musical instruments, jewelry, or other unique items? If you own a home, you should also have an umbrella policy—check to be sure you have the required underlying coverage to support it.
Next, check your home inventory: Have you purchased new appliances or electronics since you last updated it? If you’ve never created a one, now’s the time. The easiest way to get started is to walk through every room of your home with a video camera, talking about what you see. You can document the items later on paper, but a video record is a good place to start.
If you own your home, check your cost basis records. The cost basis is what you paid for your home originally, plus what you’ve spent on all the capital improvements you’ve made since then. You’ll need it when you sell your home, and it’s much easier to keep your records current than try to figure it all out when it’s time to sell. Happy Presidents’ Day!
Bob Vila Radio is a newly launched daily radio spot carried on more than 75 stations around the country (and growing). You can get your daily dose here, by listening to—or reading—Bob’s 60-second home improvement radio tip of the day.