Is Your Home Covered?
Home fire damage is devastating. Even more devastating is finding out that the home fire insurance section of your homeowner’s policy does not adequately cover your losses. Whether it’s a minor kitchen fire or a major home fire damaging or destroying your entire home, you want to make sure that you have enough home fire insurance coverage to repair or replace destroyed property. Your home policy includes homeowners fire insurance, however, you need to make sure you purchase enough home insurance to protect your property.
Getting the right home fire insurance package for your needs; You really need to review your home fire insurance coverage closely and press your insurance agent for answers if you don't understand or don't feel the coverage is right for you. Always keep in mind that your relationship with your insurance company, and their agent, is only about business, and insurance companies will always put financial interest over your needs.
Purchase Replacement Cost instead of Actual Cash Value: A replacement cost policy will replace your damaged home in full, while ACV policies factors depreciation into account. If your home depreciated $100,000, you will not get enough money from your insurance company to rebuild your home as it was prior to the disaster.
Make sure your disaster living expenses are accounted for: Your policy should pay for you to stay in a hotel or apartment if fire has left your home uninhabitable.
Know the value of your home and possessions: Make sure you know how big your home is and how much it is worth, and update this figure every day. You should also keep accurate track of all your possessions so you can be sure they are protected. Take time to record your home and all that's inside to have a clear and documented video of what you own to make accounted for. Know what your home and content are worth, and make sure you get enough home fire insurance coverage.
Determining which insurance policy will cover you and your needs along with the monetary levels you need to protect your house can be hard. This could be made much easier when you work with an insurance company that will help guide you through the process.