Step 1: Make Sure You are Adequately Covered:
Making Sure You Have Enough Home Owners Insurance
The main determining factor is whether your policy is a replacement cost value policy or an actual cash value policy. If you have an actual cash value policy, it will not. Actual cash value is also known as the fair market value. Fair market value is basically the amount that a a buyer would pay for your home.
Cover the Gaps: Earthquake Insurance, Flood Insurance, and Mudslide Insurance
In insurance a peril is an exposure to an event that may cause damage to your home. Homeowners insurance covers the most common perils one would probably be exposed to in owning a home. Fire, lightning and internal explosion (like a furnace exploding) are examples of perils covered on most homeowners insurance policies. However, there are other perils that one may want coverage for.
Floods: Preparing for the Worst
Even if you don’t live in a flood zone, it is still possible you could be affected by flood damage. Floods are more common that most may think. The majority of natural disasters in the U.S. involve flood damage and a standard homeowners policy will not cover claims due to many types of water intrusion in the home including damaging water levels due to storms, hurricanes, and even melting snow.
What Water Damage Will Your Home Insurance Policy Cover?
There is a lot of confusion about what types of water damage is covered under a home insurance policy. With so many home insurance mold claims being denied, home owners are left with a lot of questions when it comes to water damage to their home. Let's take a look at what types of water damage is covered under your home insurance policy and what to do if water damage happens to your home.
Step 2: Document Your Personal Property and Store You Documents Somewhere Safe
Keeping Track of Your Personal Property with a Property Insurance Inventory List
Whether you are an established family or just starting out, you probably have property that is covered under your insurance. Items like your automobile, furniture, and personal possessions are some of the items that are usually covered under insurance. If an unfortunate occurrence such as a fire or theft should happen, it is best you have an accurate and detailed inventory of your personal property with a property insurance inventory list.
Storing Insurance Documents in a Safe Deposit Box
Keeping track of one's insurance documents can be a large task and usually not at the top of one's list of things to do. There are a number of insurance and other important documents that need to be kept in a safe place for easy access in case of an emergency. That is why many choose to put their important insurance documents into a safe deposit box. Not only is this a great option to keep important insurance and other documents safe and organized.
Step 3: Know What to do After a Loss and Filing the Claim
Duties of the Homeowner: Protect Property After a Loss
Unfortunately claims happen. Most would rather just pay their insurance and never have to worry about filing a claim. Just having the peace of mind that comes with having an insurance policy is worth the payment paid for the policy. And that is just what happens in most cases with insurance. But, sometimes there are caims to file.
5 Steps to Preparing and Filing Your Homeowners Insurance Claim
Taking the right steps, such as calling your agent immediately and accessing and temporarily repairing damage to your home can make filing your homeowners insurance claim a smoother process. Here are the 5 steps you should take when preparing and filing your homeowners insurance claim.
How To Prepare Your Insurance Claim When Forced to Evacuate Your Home
When forced to evacuate your home due to a disaster the first concern for every family is to make sure everyone is safe. Worrying about property damage is second but it is important to think about how you will file your insurance claim if you don't have access to your home.
