While most mortgage lenders require
homeowner's insurance in order to issue a loan, many only get the bare-minimum
to qualify. Nationwide, more than two-thirds of homeowners are
underinsured, according to a survey by insurance services firm MSB, by an
average of 18%.
That means someone whose house cost $200,000 to
replace would find they are short by $36,000.
Though standard policies are beneficial they
may not have all the protection you need. Here are some insurance types to
consider adding to your coverage.
Flood
Homeowner's insurance my cover
indoor water damage from something contained to your home, like a burst
pipe, but a flood that affects multiple homes or neighborhoods is not included
in standard coverage.
Don't fall prey to thinking that
your area isn't susceptible to flooding. According to the Federal Emergency
Management Agency, 25 percent of all flood insurance claims are in areas that
are not high-risk flood zones. Remember what happen in Pensacola Florida
last year and in Houston this year? Most of the flooded home weren’t in
high-risk areas for floods.
Flood insurance typically has a
30 day waiting period, so the sooner you add it the quicker you can get
coverage.
Replacement
Adding replacement cost insurance
enables homeowners to replace damaged or stolen items at current prices,
without a deduction for depreciation. In order to get the most in case
something happens, keep an inventory of your positions, such as in a list or
through photos.
Sewer
Another water-related item that
typically isn't included in standard coverage is sewer backups. Over flowing
toilets can cause all the problems that come with water damage only with the
added burden of sewage cleanup and possible pipe replacement. Avoid the
headache by adding it either in your policy or through a rider.
Umbrella liability
In today's lawsuit-obsessed
society, going without liability insurance is especially unwise. They cover any
damages that those insured may cause. Their price varies based on how much you take
out for coverage, which is also dependent on personal assets.
If you're looking for new
homeowner insurance in Florida with the coverage you need, reach out to an
Emerge Insurance Agency expert insurance agents today.
904-677-5884
No comments:
Post a Comment