January 22, 2014 THE VILLADOM TIMES I • Page 13 Now is the time to conduct a home inventory The holidays are over. Are all of your new items insured? Now is the perfect time to conduct a home inven- tory to make sure they are, according to the Professional Insurance Agents of New Jersey. Information about get- ting insurance for those holiday gifts is available from your professional, independent insurance agent. “Homeowners and renters insurance can include cov- erage for valuable items like jewelry and electronics they may have purchased or received as gifts over the holi- days,” said Stephen Tague, CPIA, PIANJ president. “Even though most of us check our insurance coverage after a major purchase like homes or cars, it is a good idea to check up on your insurance on a yearly basis.” Contents coverage is the part of the typical homeown- er’s insurance policy that protects against loss to personal property. The amounts of coverage vary depending on the policy that a homeowner chooses and the items they chose to cover. Contents coverage also has special coverage limitation for items like jewelry, furs, and fine art. These limitations vary by company and may not be enough to cover the total value of these items. Extra coverage called personal property “floaters” will provide specific insurance for the value of the insured property. Most insurance companies will require a homeowner to have the items appraised to determine the amount of coverage. “If you have a large amount of special items in your home, you should talk with your insurance agent about additional coverage,” Tague recommended. When insuring these valuables, it is helpful to have information such as a description of the items you would like covered, a list of any security devices you have in your home, and the amount of coverage you would like. If you have valuable items in your home, ask your insur- ance agent if those items would be covered in the event of a loss. To make sure your items are protected adequately, PIANJ suggests: • Contact your insurance agent immediately. Let your agent know you now have an expensive piece of jewelry or other costly items. • Have the items appraised. It is important to have the expensive items appraised properly. If you purchase a floater or endorsement, your premium will be based on this amount. In the event of a claim, you will be compen- sated for this dollar amount. • Take a picture of the items and add them to your home Identify theft (continued from previous page) When filing an electronic tax return, use a strong pass- word to protect the data file. Once the return has been e-filed, save the file to a CD or flash drive and then delete the personal return information from your hard drive. Store the CD or flash drive in a safe place, such as a lock box or safe. If you have information about the identity thief who impacted your personal information negatively, file an online complaint with the Internet Crime Complaint Center at IC3. Call the IRS Tax Fraud Referral Hot Line (800-829- 0433) if you suspect someone is misusing your informa- tion to commit tax fraud. You also may submit Form 3949 to report potential tax law violations to the IRS. Check your credit report every 12 months. The Fair Credit Reporting Act requires each of the nationwide credit reporting companies – Equifax, Experian, and TransUnion – to provide you with a free copy of your inventory. Keep copies of any receipts. You may need to forward a copy to your insurer. Keep a copy of your insurance policy and the inventory of your home in a safe deposit box at a secondary location. “It’s important to know what you have, what it’s worth and the proper insurance coverage to protect it. Your professional, independent insurance agent is your best resource for that,” Tague added. PIANJ is a trade association representing professional, independent insurance agencies, brokerages and their employees throughout the state. credit report, at your request, once every 12 months. This will help you monitor any changes or unusual activity. (It is recommended that you stagger these requests for a free report every four months.) The FTC Credit Reports web- site provides information on how to contact each credit agency. Safeguard personal information. Protect personal com- puters by using firewalls, anti-spam/anti-virus software, update security patches, and change passwords for Inter- net accounts. Shred all documents with any personal identifying information. Don’t give personal information via the phone, mail, or Internet unless you have initiated the contact or are sure you know who you are dealing with. A CPA can help you analyze your current situation and determine the best course of action for the coming year. If you have questions about your taxes and personal financial planning or need help finding someone to assist you, visit the NJSCPA’s free, online Find-A-CPA service at findacpa.org. To find more information about various personal financial matters, visit the NJSCPA’s public ser- vice website at MoneyMattersNJ.com.