Report
property damage to your insurance agent immediately.
Your agent
should provide you with claim forms and arrange for an insurance
adjuster to visit your property and assess the damage.
Make
emergency repairs and document them.
Keep all receipts and take
photographs of the damages, before and after
emergency repairs, to
submit with your claim.
Take
precautions if the damages require you to leave your home.
Secure
your property.
Remove valuable items.
Lock windows and doors.
Contact your insurance agent and leave a phone number where you can
be
reached.
SIX
QUESTIONS ABOUT YOUR HOMEOWNERS COVERAGE
-
Q -
How much property coverage do you have?
A -Your house should be insured for at least 80 percent of
its value, not including the land. If you have other
structures on your property, such as a detached garage or a screen
enclosure, see if they are covered. Some companies will not
insure screen enclosures.
Personal
Property: A guideline is to have personal property insured for
about half of your home's value, but you may need more if your
furnishings are especially valuable. Lower limits typically apply
to jewelry, electronics, guns and business equipment unless you opt for
extra coverage. Loss
of Use: This is a standard policy feature that covers extra
costs if you have to move out of your house while damages are repaired.
-
Q
- Is your coverage replacement cost or actual cash value?
A - Replacement cost pays for a new roof if yours is blown
away. Actual cash value deducts depreciation based on the
age of your roof, For replacement coverage, your house
generally must be insured for at least 80 percent of its
value. Some policies care capped at your policy limits,
while others offer "extended" replacement, which will
pay 20 to 15 percent above those limits if needed. Even if
you have replacement coverage on your house, your personal
property may be insured for actual cash value. If you don't
have replacement coverage, ask your agent how much more it would
cost.
-
Q
- Which
catastrophes are covered?
A - All policies cover losses from fire, lightning, explosions,
riots, smoke, sinkholes, vandalism, theft, volcanoes, and aircraft
or vehicles crashing into your house. Many cover additional perils
such as damages from falling objects, freezing and burst
water pipes. Most policies cover wind damage, including hurricane
damage, but if you live in certain costal areas, you may have to
buy separate wind damage policy from Citizens Property Insurance
Corp. to get coverage. Policies typically exclude damages
from flood, was, earthquakes and nuclear accidents. For flood
coverage, you must buy a separate flood insurance policy.
-
Q
- What are your liability limits?
A - How much would your policy pay if someone is injured on
your property? Do you need more to protect your assets from
curt judgments in case you are sued for damages? Check for
lower limits and exclusions for animal bites and injuries related
to certain equipment such as trampolines, diving boards,
watercraft and off-road vehicles.
-
Q
- How big is your deductible?
A
- Most polices have a $500 or $1,000 deductible for claims
other than those related to hurricanes. When the National
Hurricane Center declares a hurricane watch or warning in Florida,
the deductible for windstorm claims increases to 2 percent of the
insured value for most polices in affected areas. You could
reduce your premium by increasing your deductible for
non-hurricane claims.
-
Q
- What does renters insurance cover?
A - It generally covers contents and living expense if your
apartment or house is no longer livable.(Your lease might
not require your landlord to find you alternate housing.)
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