| The single largest investment is most likely your home, related properties and personal property. In order to best protect your assets it is very important to understand your home insurance coverage. In this economy, it is even more critical that you understand what you are protected for and if you need further coverage such as flood insurance. |
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| How to prevent homeowners insurance gaps |
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| Homeowners Insurance Policy – Be familiar with your homeowners insurance policy. Contact us if you would like a personal review by our customer service agent. Your policy is your guide for key information such as: |
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- Coverages – what losses you are protected from and what losses are not covered.
For example: your homeowner’s policy does NOT cover flood damage. Make sure that you check if you have water back up coverage, as it is not always automatically provided.
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- Limits – check what your coverage limits are for items such as debris removal and additional living expenses if your home becomes uninhabitable. You may need additional insurance for personal possessions.
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- Exclusions – make sure that you understand what is not covered and contact us to discuss ways to increase your coverage and protection.
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- Identity Fraud can and does happen to people in all walks of life, even more so today with the widespread use of the Internet. If your homeowner’s policy does NOT include identity fraud protection, it is easy to add and affordable (usually under $30). It often provides resolution services as well as attorney fees, notary charges, and some lost wage reimbursement.
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- Umbrella Insurance – An umbrella policy provides excess coverage over an underlying or primary liability policy. Coverage is usually broader than what is covered in the underlying policies. A Personal Umbrella Policy provides coverage above the homeowners and personal auto, recreational vehicles, and watercraft liability coverage. (Link here to more info on umbrella insurance.)
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| Home and Personal Property Value – Maintaining a current and accurate household inventory is very important. |
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- Have A Home Appraisal – Make sure your insurance company appraises your home for insurance purposes. The amount of coverage on your home should represent the cost to rebuild like kind and quality in your area, excluding land, foundation, and market value. Additional insurance for your valuables may be useful if you have certain valuable assets such as jewelry, fine arts, coins, musical instruments, cameras, etc. The items must be scheduled, listed and described individually. The exception is when the items’ value is under $10,000, then the coverage can be blanketed.
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- Take a Home Inventory – One of the best ways to protect you and your family’s assets is to conduct a written and visual household inventory.
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- Evaluate Your Liability Exposures – A personal umbrella policy may be a consideration in order to protect you in the event of an expensive lawsuit.
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| Home Maintenance – You can reduce your risk by properly maintaining your home each season. |
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- Basics – Maintaining your home and property can reduce the likelihood of damage. Make sure that your gutters are clear and free of leaves which could cause.
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