Are YOU Prepared for a Disaster?
Unfortunately, Theft, Fire, flood, earthquake and other disasters are becoming more and more normal occurrences.
There are two ways to recoup your losses:
1. Have adequate insurance that covers theft.
2. Deduct on your income taxes the amounts not covered by insurance.
Your homeowners or Renters insurance will reimburse you for your loss, but you have to have proof of what you had. Talk to your insurance agent.
Most insurances cover you Anywhere in the World.
Do You Have A camera?
Having good still pictures or videos of all your belongings may save you $$$.
This is specially so if you don't keep or lose receipts.
In case of a loss, you want to make sure that you get properly reimbursed.
If you don't have receipts. Pictures or videos can help you determine the value of your loss. Get close ups of your belongings. Include serial numbers and other information that will help you determine value.
Your Insurance didn't cover you, or You didn't have Insurance?
You can deduct your losses on your Income Tax but the loss has to meet the new 2018 Tax Rules.