Too many homeowners have ended up paying out of their pockets because their insurance failed to provide all the coverage they needed
Insurance is a necessary protection measure for any home. However, this particular form of protection won’t help you if it’s inadequate to cover your home.
Too many homeowners have ended up paying out of their pockets because their insurance failed to provide all the coverage they needed. Here are six different categories to consider when shopping for a policy, along with the reasons why they’re important.
Homeowner’s insurance has several different type of plans. The plans cover the basic costsof replacing or repairing your home. The way to determine if you have adequate insurance is to read the insurance policy.
When shopping around, it’s also essential to compare your rate to the average rates through an insurance rate report. Just be aware that basic homeowner’s insurance isn’t adequate for those who live in disaster-prone areas.
Federal laws mandate flood insurance in flood zones. Flood zones are often determined by the approximation to rivers and streams and the height above sea level. But some natural disasters, like extremely heavy rain, also can cause flooding outside of these zones.
Of particular importance to homeowners is the fact that flooding is one item that isn’t covered under your basic home insurance policy. Even if you don’t live in a flood zone, you still probably need flood insurance, because often a simple thing like water damage from a busted pipe might not be covered.
The start of hurricane season means lots of tropical storms. Hurricanes cause damage with high winds and driving rain. On the coastline, it drives ocean waves into coastal homes. Your hurricane insurance needs to cover both flooding and wind damage. If you’re in an area where hurricanes visit frequently, it’s critical that you make sure your coverage is adequate before one hits.
Most people don’t realize that snow holds unforeseen dangers. Snow buildup can cause roofs to collapse, and the cold associated with snow can cause pipes to burst. Wind and ice also can cause tree branches to fall. All of these things are an issue if your policy neglects to list winter hazards. If you live in a snow state, this extra policy will cover the loopholes.
The tornadoes that ripped through Oklahoma in mid-2013 are testament to what type of damage these storms systems can do to homes. While safety is your top priority during a tornado, your home needs adequate coverage in order to replace your home if it is obliterated by a twister. You also may need to replace your belongings after a storm, and adequate tornado insurance will cover that additional cost.
Lighting storms are an electrical nightmare for your home. One strike can wipe out the entire electrical system. The damage can extend to all of your electrical appliances such as the refrigerator and dishwasher. Anything you have plugged in is at risk. If you are in a high strike zone, this is something you really should look into.
Your home insurance policy should adequately cover your home. But many policies have gaps. If you live in a known disaster area, you should check your policy frequently to ensure you have proper coverage.
About the Author:
Harper Kelly is Florida native hung up on all things social media, writing, and running. When she’s not scoping out the new trails in Tampa you can find her browsing the web and writing about technology, traveling, and home improvement. Follow her journey on Twitter @harperkellyh.
For information on how to file an insurance claim, visit MYCLAIMSOURCE.COM.