It is unpredictable what will happen tomorrow. With the peak of the hurricane season just around the corner, you still have time to take another look at your home insurance policy in other to update it now. For those of us without one, it is wise to overcome procrastination and quickly get a free quote now. Do not wait for a disaster to be on the scale of Hurricane Katrina before you decide whether your homeowner’s insurance policy will take care of your roof or even rebuild your home.
While it is important you take care of the damage to your home; it is equally important you do not forget what you have inside your home. The truth is that we sometimes forget to update our belongings.
Disaster Waiting To Happen
As a homeowner, you must begin to prepare for any disaster today. It is the standard practice that you review your homeowner insurance policy every year and ensure you have adequate coverage for your home, furniture, clothing, electronics, liability and temporary living expenses. You must update your home insurance policy whenever you purchase any costly items, upgrade your home or experience any major improvement in your personal finances. It is in your best interest to protect yourself and family from unmanageable risk by keeping your home insurance coverage up to date.
You must not forget to include your personal belongings in your garage or store.
Confusing replacement cost with cash value
You must realize that the home you bought over seven years ago may well have doubled in market value by now, and will no doubt have an even higher replacement cost due to the increased cost of building materials. If your home insurance is not updated or reviewed, the cover might still be covering the original cost of the property. Based on the real estate market value of your property, the under-insured component of your property would, therefore, be lower.
Selecting a deductible, that is too low
If anything happens to your property in the event of a disaster, you might find yourself receiving an amount to able to reconstruct your property to its present condition. After having some initial repairs made, I was writing a sizeable check to the construction contractor to cover my home insurance deductible for the repairs.
Never forget that it is not your fault. More than anything else you need to take control, you need to understand what to do, and you need a friend, someone who knows what to do.
Here Is Your Initial Checklist.
- Make sure you know where everyone is and that are OK
- Call your insurer’s emergency service
- Call the Fire Service
- If it is safe to do so save your Portable valuables.
- If you can, get hold of your insurance policy.
- Homeowners Insurance Claims are commonplace: you are not alone.
When deciding the correct value to insure your home, you must consider the price of rebuilding the house from the ground up, plus the cost of demolition, professional fees, and other local charges.
Negotiate a reasonable discount
Therefore the onus is on you to make certain your home is adequately insured – or to negotiate a reasonable discount if you have made changes or improvements that lower the risk. Ideally, you should correctly revalue your home every year and keep your home insurance up to date and safely even after you have paid off the home loan since natural disasters live beyond your mortgage life. Find out more informations in this post: http://www.simonemaduro.com/voluntary-vs-involuntary-home-insurance-loss-coverage/
Overlooking personal liability insurance
Homeowners policies include a provision for personalliability coveragefor instances where the owner is sued for injuries or damage caused on or by his property (like my unruly mutt).Photograph your belongings and keep the receipts or make a note of the original purchase prices. Do not dispose of damaged items away until a claims adjuster has evaluated the damage. You may need to buy separate policies to cover expensive items such as furs, jewelry, silverware, and collectibles.
In most states, flood insurance not included in your standard homeowner’s insurance policy. Make sure you shop for this through your insurance company. Whether you want to get a free insurance quote or Memphis, home insurance checks with us now. You will receive fast and easy quotes in less than 5 minutes.