It’s pretty painful to find out that your insurance doesn’t cover many things after your house has suffered a disaster. Standing among the ruins of your house, you’ll be even more devastated to know that the homeowner's insurance you paid for regularly, cannot be of much use to you. So how do you ensure that your home or business is adequately protected? Here are a few tips and pointers to help you know if your insurance policy is all right.
The first thing you need to do is review your coverage and policy limits. Ensure that your coverage or insurance is active and that it provides adequate coverage to pay for the full replacement of any lost or damaged property. You are not supposed to be a know-it-all. There are possible terms in your insurance policy that you don’t understand. Don’t hesitate to ask your agent or insurance company. It is imperative that you understand what your policy covers and does not cover.
In case you have made any additions or improvements to your home since you last took your policy, you must try to increase your policy limits to cover the enhanced value of the property. Even if you haven’t made any adjustments or improvements, you must realize that property values increase over time and you must ensure that your insurance policy is adjusted accordingly. Find out if you need flood insurance.
Your homeowner's policy does not include coverage for damage from flooding. So if you want to protect yourself from losses due to flooding, you must take a separate flood insurance policy. You can get that from the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency.
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