Do you have enough insurance?

Written By: Miller and Associates Realty On: 28th May 2015 Under: Uncategorized

According to recent research, more than two-thirds of homeowners are underinsured. Mortgage lenders require home buyers to have homeowners insurance, but many are underinsured and don’t know it. A fire occurs every 23 seconds across the country, and a burglar breaks into a home almost as frequently. Bad things can happen, that’s why it’s important to make sure you have sufficient coverage.

Floods: most people think that if they don’t live in an area that floods that they don’t need this coverage. According to FEMA, 25% of all flood insurance claims are not from high-risk flood zones. Your policy may cover a flood resulting from a burst pipe, but one that leaves an entire neighborhood flooded can be another thing.

Homeowners can buy additional coverage from the federal National Flood Insurance Program, but there is usually a 30-day waiting period before coverage goes into effect.

Sewer backups:  Standard policies usually don’t cover sewer backups. An overflown toilet or drain can destroy furniture, walls and flooring.  As well, the cleanup and replacement of the pipe is costly and a headache.

Replacement cost:  This coverage allows you to replace your damaged or stolen items at today’s prices, with no depreciation from the original value. It is recommended that you keep an inventory of your belongs by taking digital photos and storing them online, allowing them to be accessed from anywhere.

Check with your insurance agent to make sure you are covered for any occurrence.