Take Time To Review Your Homeowners Insurance

Dated: September 17 2019

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Due to the property damage caused by natural disasters over the past few years, it's wise for homeowners to review their insurance coverage on an annual basis. Here are some other tips from Consumer Reports magazine (CR) to help protect you from devastating financial loss in case of fire or other natural disaster.

Know what your insurance covers: There are some exceptions in different areas of the country, but most homeowners policies typically cover damages from wind, fire, lightning strikes, hail, and explosions such as from a propane tank. Policies differ in the amount of coverage for damages to unattached garages, sheds or fences. Most policies also cover the loss or damage of personal property due to theft or vandalism.

Understand what's not covered: Insurance policies don't generally cover property damage resulting from floods, water backups caused by a blocked drain or sump pump, and ground movement such as earthquakes or sinkholes. Additional coverage for some of these perils can be added to a homeowners policy for a fee or can be purchased as a separate policy.

Consider flood insurance: Homeowners generally underestimate the chance of their home flooding. According to the nonprofit Insurance Information Institute, 90% of all natural disasters involve some type of flooding. In fact, 20% of the insurance claims processed by the National Flood Insurance Program are from areas in the country where the risk of flooding is low to moderate.

"It's wise to buy flood insurance even if you're not in a flood zone," a non-coastal victim of hurricane flooding commented in a survey conducted by CR. "It will be inexpensive, and it's better to buy it and not need it than to need it and not have it."

The Insurance Information Institute also advises that "it's a good idea to have a professional appraiser evaluate your home's replacement cost every 2 to 3 years."

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Rachel Librach - CalDRE #02081922

I understand that buying a home can often times be one of the biggest financial decisions of a person's life. Not only can the whole process seem stressful, emotional, and time consuming, but if you a....

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