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 … Read the rest...