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Wild Weather: Preparing Your Home for Summer Storms – PART III Homeowners Insurance: Are You Adequately Covered?

By April 24, 2017October 18th, 2023No Comments

We can’t stress this enough: summer storms, like any other weather disturbance, can wreak havoc on your home. The extent of the damage is something that no one can predict, but one thing is for sure—recovery and rehabilitation aren’t cheap. This is where a homeowners insurance policy saves the day. See what you can do to ensure you make the most out of your policy.

Homeowners Insurance

Check Your Policy

Reviewing your policy and knowing exactly what it covers should be done long before you hear the announcement of a storm coming. You should double-check if you have an ACV or RCV policy. ACV stands for “actual cash value.” A policy of this kind pays for the current market value of your property minus depreciation. Such policies are typically cheaper, but not very valuable. On the other hand, RCV means “replacement cost value.” These policies pay for the current market value of your losses.

Consider Additional Coverage

As mentioned earlier, it isn’t unusual for sump pumps to stop working in cases of power outage and for storm water systems to be overburdened in the middle of a storm. These scenarios can cause water and, worse, sewage to back up into your basement. The damage can be very destructive, unpleasant and expensive to repair.

Homeowners insurance does not usually cover sewage backup, but you can opt to purchase a rider. It generally costs from $50 to $75 for coverage ranging from $10,000 to $20,000.

Furthermore, if you find that flood damage is not covered by your existing insurance policy, you can purchase a policy from the National Flood Insurance Program. Prices range from $200 to $2,000 a year, depending on how flood-prone your area is.

Conduct a Home Inventory

If your house gets damaged or destroyed by a severe storm, chances are you won’t be able to remember everything that you owned, and tracing receipts will likely be out of the question. If you haven’t, now is the time to create an inventory of all your belongings. To make the job manageable, focus on documenting the contents of one room at a time. Whenever you buy or replace a valuable item, take the time to update your inventory.

Why do you need this inventory? Having it prepared in advance will help speed up the insurance claims process. Make sure you have a copy of the inventory in your emergency “go” kit (discussed in the previous blog), as well as saved online so you can access it anytime.

As the old saying goes, “a stitch in time saves nine,” and this is especially applicable to storm preparations. It is always better to be prepared than caught off-guard. So what are you waiting for? Start looking for a reliable gutter protection service today, or take inventory of your belongings. Every little step you take can go a long way toward ensuring the safety of your home and family.

 

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