# Losing everything at 70



## Big Dave (Feb 5, 2006)

Friends never go anywhere. For the first time in three years they left the Llama farm and stayed out till 4am. They came home to a roaring blaze. It was their home. The fire chief said if they had been there they would most likely been dead from smoke inhalation. (backhanded blessing) They have insurance but it will only pay off the morgauge on the property. No home to live in. They are selling the stock trailer and with donations they are buying a travel trailer. So her is the gest of this post. All of their important papers were in the house witch is now just ash. Tilt to their truck which they need to get a loan for the trailer, title to the trailer so they can sell it,Passwords, credit cards, ect, ect... Yep they can retrieve them from various sources but it will take a few weeks. 
My friends have given me some very good advise and I want to share this with yall. Get a safety deposit box. I believe they are only around 75 bucks a year.So I am getting one this week.


----------



## Brooks WV (Jul 24, 2010)

I have a fireproof safe at my place. It's not hardmounted, and can be carried out if I'm home when mayhem strikes. It's kinda like a small suitcase. Problem (imo) with a box at a bank, is that you're at the mercy of the bank to let you in.


----------



## Ramblin Wreck (Jun 10, 2005)

Sad story, especially the insurance coverage.


----------



## ldc (Oct 11, 2006)

I have a box at the bank, here it's $158 per year, it went up a lot after the hurricanes. I think it's worth it, but Brooks is correct, the bank/credit union decides when to let the public in! Nothing's perfect but it does help to have copies and originals in a safe place...


----------



## Micheal (Jan 28, 2009)

Not sure if'n I'd be thinking that them "not being dead from smoke inhalation" is a back handed blessing or not. The couple of weeks it will take and the problems of replacing important papers etc true is a hassle, but on the larger scheme of things just a minor blip on the path of life..........
Sorry bout that. Enough of my being on the "soapbox".....

But yes, a safe place for important papers, be it a box at the local bank or a fire proof safe is a very good idea, thanks for passing the idea on.....

Something else I've done that others may want to think of doing is also make a list of any and all account numbers and with who(m) the accounts are with on a separate piece of paper. This includes insurance(s), bond/stocks, CC/debit cards, saving/checking accts, misc accounts, monthly bill accts, etc, basicly anything that has a reference number attached to it is on the list along with any name, address, and maybe even a phone number related to that ref number or important piece of paper. 

Was it a "pain" to put the list together? Yep! But if something happens to me or the wife it will be a very handy guide for whomever gets to use it........
I may add that the lawyer that has made out our will(s) also has a copy of this list, there's a copy in the safe-deposit box, and our DD also has a copy.

Forgot to add; $43.00 a year for the smallest box of 3 that the bank offers.....


----------



## gaucli (Nov 20, 2008)

Why would the insurance only pay off the mortgage? That sounds kind of strange. I had a fire in '91...lost everything. The insurance gave me the money to rebuild, but I will still paying on my original mortgage. They wanted me to refinance the new place and pay off the old one..but the payments would have been twice as much. I had the option. I think I would have them recheck their policy and see if it is a replacement policy....I think most are. Good luck to them.


----------



## gaucli (Nov 20, 2008)

Another good piece of advice for everyone..is to get a cedar chest and to take pictures around your house..in case you have to have a list of everything you had. Serial numbers and things on guns are also good. When my house burned down...the only thing standing was my cedar chest...it was black..but with a new resanding...almost good as new!


----------



## AngieM2 (May 10, 2002)

How about scanning important papers into a thumb drive that can be accessed on any USB port, carrying that on a keyring? or given to a trusted family member?
During the tornadoes, Aunt Peg had a metal strong box, that we did find. There were her papers, but a paper she had was of all important policies and numbers and who to call. That helped immensely.


----------



## Belfrybat (Feb 21, 2003)

Several of my friends lost their homes in the Bastrop fire. One was 68, and yes, it is hard to start over at that age. She had a fireproof safe that protected the contents fairly well (some scorching on the edges). So either a bank box or fireproof safe would be good protection. As to the insurance-- even if they don't get anything above the mortgage payoff (which I find odd as any insurance I've ever had was based on actual or replacement value of the house), they still have the land and can rebuild. Even at 70.


----------



## keyhole (Dec 2, 2008)

Who would have an insurance policy on their house that would only payoff the mortgage? Most insurance policies will pay to rebuild plus replce contents of your home. 

I hope it's not as you describe. Besides you can go to the DMV and get a new title for a vehicle here in Arkansas.


----------



## Micheal (Jan 28, 2009)

AngieM2 said:


> How about scanning important papers into a thumb drive that can be accessed on any USB port, carrying that on a keyring? or given to a trusted family member?


The problem with using the "latest" technology is that by the time you may need to use it it is outdated and possiblly unavailable to access. That's why ink and paper for something like this may be the best option.
Think of the advances in physical storage in this computer age; from punch cards, to mag tape, to floppy disk, to smaller disk, to now thumb drives, to future ?????, etc.. And that doesn't take into account any "software" needed to use that storage device..


----------



## unregistered168043 (Sep 9, 2011)

I like those fireproof boxes you can keep at home. I'm not good with making payments on anything, I'm always late and always have to pay late charges ( threw my credit cards away years ago ). I had a bank box once but lost the key and they charged me a lot of money to drill it open.

I'm not one to deal with all that, if there's a simple solution that cuts other people out of it ( payments, rules, and etc, its not the money its remembering to write the check and being on time ) I'll like that better.


----------



## farmerj (Aug 20, 2011)

just need to contact the DMV (dept of Motor Vehicle) to get a duplicate title. Do down to the local license place and they can work with you on that point.

I'd double check on the home owners insurance. Most have home replacement as well as content. I'd be very surprised it didn't.


----------



## sashay (Apr 28, 2005)

my thinking is that this is an insurance policy that was taken out by the mortgage holder because the buyer did not have a home owner's policy and a requirement of the mortgage is insurance against loss. That is the only case where I can think of that an insurance policy would ONLY pay off the mortgage and not pay to rebuild, i.e. a policy purchased by the mortgage holder bank and not by the home owner.


----------



## Twist86 (Jun 13, 2011)

I wouldn't get a safety deposit box....government can take anything they want out of them and many cases of them doing so to law abiding citizens. I would instead suggest a firesafe or bury it in a plastic case 4-5FT under the house. 

Real shame to hear what happened to them, hope they survive this but at least they live on to fight another day.


----------



## edcopp (Oct 9, 2004)

Micheal said:


> Not sure if'n I'd be thinking that them "not being dead from smoke inhalation" is a back handed blessing or not. The couple of weeks it will take and the problems of replacing important papers etc true is a hassle, but on the larger scheme of things just a minor blip on the path of life..........
> Sorry bout that. Enough of my being on the "soapbox".....
> 
> But yes, a safe place for important papers, be it a box at the local bank or a fire proof safe is a very good idea, thanks for passing the idea on.....
> ...


Might be a good idea to put the list on a disc, or CD and leave that with the wills at the lawyers office. Could include photos and other info as well.


----------



## edcopp (Oct 9, 2004)

gaucli said:


> Why would the insurance only pay off the mortgage? That sounds kind of strange. I had a fire in '91...lost everything. The insurance gave me the money to rebuild, but I will still paying on my original mortgage. They wanted me to refinance the new place and pay off the old one..but the payments would have been twice as much. I had the option. I think I would have them recheck their policy and see if it is a replacement policy....I think most are. Good luck to them.


The type of insurance that only covers the lender, and only for the amount owed is common in some rural locations. So the property owner gets to pay for the insurance and the bank gets the coverage.

I would call that "Banker Friendly":goodjob:


----------



## farmerj (Aug 20, 2011)

people talk about getting a safety deposit box.

Point of fact.

Have you added a POC to that signature card so that should something happen to you, that person can get your information out of the safety deposit box.

If they can't get access to it, what good does it do to have it.

You'd be money ahead to simply give it to them in a sealed envelope. As in, put a wax seal on the opening or some kind of security tape over the opening.


----------



## Shrek (May 1, 2002)

1 hour heat exposure fire safe in an outside wall closet is one of the best ways to mount them. A friends house caught fire and while the VFD was fighting it for about 20 minutes and it became apparent that the house was going to be structurely damaged beyond repair he convinced them to bite into the closet with their K12 to snatch it out for him.


----------



## goatsareus (Jun 23, 2007)

I pay $20. a year for my safety deposit box at my small locally owned bank. The towns population is about 6,000 and has 3 banks. I am in and out of my box several times a year retrieving titles for sold vehicles, swapping out old policies, trying to remember what is in the box..


----------



## edcopp (Oct 9, 2004)

I know a person who has a 5 gallon bucket with a lid buried about 3 feet deep somewhere on the property. The bucket is available 24 hours a day, 7 days a week and contains a few important things. At 3 feet deep the fire resistance is pretty good too.


----------



## goatsareus (Jun 23, 2007)

edcopp said:


> I know a person who has a 5 gallon bucket with a lid buried about 3 feet deep somewhere on the property. The bucket is available 24 hours a day, 7 days a week and contains a few important things. At 3 feet deep the fire resistance is pretty good too.


We tried that one time, with a smaller container, and everything severely molded. How does your friend deal with that?

I keep my original copies of 12 Certificates of Deposit I own in the safety deposit box and will retreive one next week...rates are very low on CD's right now and I want to get my money out of the one maturing soon.


----------



## Classof66 (Jul 9, 2011)

I pay 25.00 per year for my safety deposit box.

The insurance policy may replace the house or buildings, BUT, if the mortgage includes the actual land it sits on, they would not be obligated to pay for it.


----------



## Gianni (Dec 9, 2009)

edcopp said:


> Might be a good idea to put the list on a disc, or CD and leave that with the wills at the lawyers office. Could include photos and other info as well.


Disc and cd's will degrade. Thumb drives have been run through the washer, run over by cars and had broken cases. They are still readable.


----------

