In light of the recent hurricanes that have ravaged the East Coast, the earthquake that decimated parts of Mexico, and wildfires in the West that are burning up acres and acres with buildings along with it, it seems like a good time to do a check-up of your homeowners insurance policy. Will you be covered when disaster strikes? This fall, I encourage you to check in with your insurance agent to review your policy, determine if there are holes, and see if you are able to cover those holes with additional insurance as you deem necessary. Here are some questions to guide that conversation:
How am I covered in the case of water damage? Water from a natural disaster is usually treated differently than water damage from typical weather. Ask questions around the different types of water damage your home might sustain so you understand what you are and are not covered for.
How am I covered in the case of wind damage? Does your insurance company treat a tree falling on your roof differently than the wind ripping the roof off? Think about the different wind events that might befall your property and ask questions.
Am I covered in case of an earthquake? It might surprise you to know that most policies do not cover earthquake damage, but often you can get coverage added on.
What happens if my belongings get damaged? Most insurance will cover your belongings in the home if they are damaged, but what about your lawn furniture and BBQ?
What are the holes you see in this policy? Your agent has probably seen a number of claims so it will be easy for them to see some typical issues that are not covered by their policy. Some may have additional coverage that you can get but in some cases, you will need to cover these items yourself (such as landscaping damage).
Your home is likely your most valuable asset! Don’t let a disaster drain your equity. Get smart about your homeowners insurance and protect your investments. Questions? Please call or text: (206) 790-0081 or email: firstname.lastname@example.org.