Where are you putting your cash?

<a href='http://www.slocumins.com/about/meet-our-staff/' rel='external co-worker' title='Bob Slocum'>Bob Slocum</a>One of the things that I have heard several times recently is that sales of home safes are booming during these hard economic times. While this may be simply a result of people wanting to secure those few valuable items that they own, knowing that others around them are becoming more desperate every day and therefore it’s reasonable to assume that thefts will be on the rise, I also keep hearing that trillions of investment dollars in cash have been withdrawn from the system and are sitting on the side lines. Now, if I had a bunch of cash to just “sit on the side lines”, where would I put it? As an insurance professional, I sincerely hope that the answer is not in a safe at your house or worse yet, hidden somewhere in your house. This concerns me for a couple of reasons. First, if someone should break into your house (or worse yet, it should burn down), how much coverage do you think a regular homeowners policy generally provides for cash money? Would you believe $200? Yup, that’s all. Now your policy may provide a higher limit so be sure to talk to your agent but, whatever you do, don’t just assume that it’s covered! The other concern I have is that people are taking too much comfort in the fact that, once they have a safe, they are “protected” and don’t need to worry. Over the years I have been in the insurance business I can tell you that we have seen many cases where the whole safe was stolen from someone’s house and then taken somewhere where the thief could work on opening it at their convenience. So, unless you have one of those huge safes that it takes an army of movers to budge, your feelings of security may be misplaced. Now don’t get me wrong, I’m not saying safes are bad. All I’m saying is to be sure you understand that there is a certain amount of risk in every action and this is no exception. Keeping large amounts of cash, bonds, valuable jewelry, and the like around your house without understanding the risks involved could lead you to a very unhappy loss situation. One of the great values of having an Independent Insurance Agent is that they are there to consult with you and advise you at no additional charge if they write your insurance. Just like you would talk to your doctor or lawyer or CPA, don’t forget to talk to you insurance agent about the things that keep you up at night!

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    About Bob Slocum
    Bob is a life long resident of Warwick, Rhode Island where he attended public school graduating in 1972 from Warwick Veterans Memorial High School. He began his insurance career at the age of 16 while he was still in high school and he became one of the youngest licensed insurance agents at the age of 18. Bob worked at the Slocum Insurance Agency while he attended the University of Rhode Island and he graduated in 1975 with a BSBA degree with a major in Finance & Insurance. In 1978 he received the insurance industry’s highest professional designation, Chartered Property Casualty Underwriter (CPCU) and in that same year he received the Certified Insurance Counselor (CIC) designation. View Robert Slocum’s LinkedIn Profile

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