Protect yourself from costly damage with flood insurance!
As the winter months approach, so does stormy weather. In the event of a disaster such as a flood, you may face costly expenses to repair the damage. Make sure you’re covered for disaster related damage! Here’s what you should consider when investing in flood and homeowners insurance.
You should have insurance that will cover rebuilding costs. Not all policies cover you under current construction costs, so make sure you have a policy that covers you accordingly. You may also want to consider an extended replacement cost policy which would provide additional coverage for unforeseen expenses. Also, make sure you have a separate flood insurance policy. Most homeowners insurance excludes flood coverage. Supplement your policy to ensure you’re covered!
Most polices only cover a portion of your personal belongings, which usually are about 50- 70% of their full value. Take a home inventory and make sure it’s accessible in the event of a natural disaster. Consider either a cash value or replacement cost policy to ensure your belongings are covered. Cash value policy repays you for the value of an item minus its depreciation, while a replacement cost policy pays the current cost of replacing an item.
In the event that you temporarily need to evacuate your home while it’s fixed, coverage for additional living expenses is invaluable. It covers any hotel and restaurant meal expenses incurred while waiting for your home to be inhabitable. However, be aware that this type of coverage only covers extra unforeseen expenses that are needed. It doesn’t cover your regular payments such as your mortgage. Check to see how you’re covered and whether or not your coverage is time sensitive.
Your home is one of your greatest assets and it’s important to protect it. You may want to consider investing in liability insurance. This insurance would cover any lawsuits in the event of injury or property damage caused by you, a family member, or your pets.