The Virtual Vault

Are you protected from wind, hail, and flood?

Wind, hail, and flood insurance are not typically included in a standard homeowner's insurance policy, especially if your property is located in a coastal area or high velocity zone. You will need to obtain coverage separately for these items, possibly from a special state sponsored insurance pool. In some cases, an insurer may require you to have flood insurance before a policy for wind and hail insurance is issued.

A separate policy protecting your home from this type of damage is a wise investment. The premiums are expensive, but bearing the cost of rebuilding on your own could be an unaffordable expense that leads to financial ruin. Just one storm can destroy a lifetime of hard work.

Make sure to seek out an insurance agent to assist you with these decisions. If disaster strikes, you will not get a second chance!

James Bell

Do you have an emergency evacuation plan?

Each year there is a 50% chance that a major hurricane will hit the East Coast. The Midwest experiences numerous floods and tornadoes. The West Coast is prone to frequent earthquakes and wildfires. All coastal areas are subject to tsunamis.

Don’t lose control of your household by doing nothing...If you live in an area prone to natural disasters it is crucial that you have a evacuation plan in place. Here are some useful links to follow to help you prepare for evacuation:

Emergency Evacuation Plan
Dept of Homeland Security

Deciding to Stay or Go
Ready.gov

Evacuation Plans
FEMA.gov

James Bell

How do I get started on my household and personal property inventory?

With wildfires raging in California and hurricanes about to batter the East Coast, more people are interested in taking a household inventory.

So how do I get started? A good start is to review the “Household and Personal Property Inventory Circular” published by the University of Illinois at Urbana-Champaign College of Agricultural, Consumer and Environmental Sciences department. This comprehensive guide leaves no stone unturned when it come to taking inventory.

Once your inventory is complete it's a good idea to keep it in a safe remote location such as a virtual safe deposit box. This way you can access the information at anytime, anywhere in the world.

James Bell

FEMA's In-depth Guide to Citizen Preparedness

Are You Ready? is an in-depth guide to citizen preparedness.  It's FEMA's most comprehensive source on individual, family, and community preparedness.

The web site also contains a series of online videos titled "Getting Ready For Disaster - One Family's Experience".

James Bell

Software vendors benefit from virtual safe deposit box API

Estate++, a subscription-based virtual safe deposit box service, has recently published a public API. The API allows software vendors to upload files directly into a subscriber's account. The API is free for software vendors, but consumers must purchase a subscription in order to generate the access identifiers needed by the API.

The API makes this service a natural add-on to many desktop products such as tax preparation software, home inventory software, legal document software, and genealogy software. The API also makes it easy to create Microsoft Office add-ins.

The API opens Estate++ up to integration with enterprise systems such as online banking, online brokerage, and credit card award programs. It's ideal for institutions pursuing green initiatives. Monthly and quarterly statements can be uploaded, eliminating the need to process paper.

This RESTful API is compatible with popular programming languages including C# and Java. Security is implemented through https and public/private access identifiers.

Software vendors can further monetize the API by selling subscriptions to Estate++ through their affiliate program, which is managed by Plimus.com.

James Bell

How safe is your fireproof safe?

With numerous wildfires raging all over California, firefighters are not able to save every house. Some houses burn completely to the ground leaving only ash and twisted metal. So what are the chances that a fireproof safe can survive this type of inferno?

Underwriters Laboratory (UL) rates safes for their fire resistance protection. Safes obtain an hourly rating for fire resistance — anywhere from 30 minutes to four hours. A 3 hour UL rating means a safe can survive a temperature of 1920 degrees Fahrenheit. Paper starts burning at 450 degrees Fahrenheit. An aluminum tire rim melts at 1600 degrees Fahrenheit.

There are 2 small problems. First of all, a large closet-size safe that has a 3 hour UL fire safe rating costs upwards of $10,000 or more. Secondly, wildfire temperatures can exceed 2,000 degrees Fahrenheit. If your house is left to burn to the ground, your fireproof safe has a good chance of ending up as a pile of molten slag.

So how do you prepare for such a life altering event? You need a plan that not only covers disaster, but also covers theft, incapacity, and death. Although the topic matter is immense, a good place to start is by reading my whitepaper: Are You Ready?

James Bell

Sources

Melted Tire Rim from Heber, AZ Rodeo-Chediski Fire
Arizona Memory Project

Water Repellent Soils And Their Relation To Wildfire Temperatures
Napa Valley Land Stewards Alliance

UL Rated Safes
EverySafe.com

Prevent wildfire losses with a virtual safe deposit box

With wildfires raging in Los Angeles County, thousands of residents have been forced to evacuate their homes. Many will return to find their homes untouched by the fire. Others won’t be so fortunate. For them rebuilding their lives may seem like an impossible task.

So how do you prepare for such a life altering event? Fireproof safes...concrete bunkers...emergency evacuation kits in the trunk of your car. With all these drastic measures there is still no guarantee that your personal belongings won’t go up in smoke.

However, the good news is that is that most important family documents can be replaced. The US Federal Government web site has a page dedicated to replacing your vital documents.

In spite of this, replacing legal documents such as your will or revocable living trust is not so easy. They need to be recreated by an attorney, which is costly and time consuming.

To help prevent the loss of these valuable legal documents use a virtual safe deposit box (VSDB) to store them in a secure, remote location. Make sure to scan notarized, signed copies of these documents.

James Bell

Sources:

Building a Wildfire bunker???
City-Data.com

Station fire claims 18 homes and two firefighters
By Jessica Garrison, Alexandra Zavis and Joe Mozingo
Los Angeles Times

Replace Your Vital Documents
USA.gov

Most Americans are unprepared for disaster

According to NAIC President Sandy Praeger "Creating an inventory and storing it in a safe location away from home is one of the most basic - and most effective - disaster preparedness steps anyone can take to help protect themselves and their financial future." Take a look at the National Association of Insurance Commissioners (NAIC) 2008 national survey results.

Don't lose control by doing nothing! Store your inventory in a virtual safe deposit box today. Through natural disaster, theft -- even death and incapacity –- your information is always available. 

James Bell

Is your information in harm's way?

In October 2007 wildfires consumed the Southern California town of Ramona, a suburb of San Diego. Residents quickly fled as flames engulfed their homes leaving only time to grab some clothes, photos, and pets. For many, even those who stored valuable documents on a computer, it was a total loss. Rebuilding their lives seemed like an almost impossible task.

Even now there seems like no end to it. Last year there were over 2,000 wildfires. Starting in 2008, the active California wildfire season has increased by more than 60 days. Individual fires are burning, on average, more than five weeks. California is hotter and drier than ever with Los Angeles now 5°F warmer than in 1920.

Having an emergency kit containing important family documents and emergency contact information is advisable in case you have to evacuate quickly. Some people have even started keeping this kit in the trunk of their cars at all times. Even if this kit is destroyed most important family documents can be replaced. The US Federal Government web site has a page dedicated to replacing your vital documents. However, replacing many legal documents such as your will and revocable living trust may not be so easy. You may have to have them recreated by an attorney, which can be costly and time consuming.

To help prevent the loss of valuable documents use a virtual safe deposit box (VSDB) to store them in a secure, remote location.

James Bell

Sources:
California Department of Forestry and Fire Protection
http://www.fire.ca.gov/index_incidents.php
California Wildfires and Global Warming by Dan Shapley
http://www.thedailygreen.com/environmental-news/latest/Global-Warming-California-Wildfire-47102305
Cool surfaces and shade trees to reduce energy use and improve air quality in urban areas by H. Akbari, M. Pomerantz and H. Taha
http://dx.doi.org/10.1016/S0038-092X(00)00089-X
Wild Fire Disaster Preparation by Fire Finance
http://firefinance.blogspot.com/2007/10/wildfire-disaster-preparation-part-1.html

How safe is your safe deposit box?

Safe deposit boxes are highly resistant to disastrous conditions such as fire, flood, earthquakes, and hurricanes. However, they are not indestructible and sometimes losses can occur.

As a precaution you might want to seal your belongings in an airtight container. You should have a written inventory of the safe deposit box’s contents. Take photos of expensive items and keep back up copies of important documents. If disaster strikes, this could ease the process of filing an insurance claim.

Even though a safe deposit box physically resides in a bank, it is not covered by FDIC insurance. Unless found negligent, a bank will probably not reimburse you for any damage or loss. Your bank may explicitly offer insurance coverage on your safe deposit box. If not, it’s in your best interest to contact your insurance agent about additional protection.

Despite sophisticated security devices and strict access procedures, thieves can still rob your safe deposit box. Yes, it happens, but fortunately not often.

If you need quick access to legal documents, a safe deposit box may not be the best place to store them. The IRS can seal your safe deposit box after death. Some states make it easy to remove a will and other legal documents from a deceased person's safe deposit box. But in other states it can take a court order. Make sure to check with your attorney to find out what is specifically required in the event of your death. Also make sure that you know your bank’s policies regarding these matters.

James Bell