Weather changes are inevitable. However, there are times when such changes can pose a serious threat to your life and property. The onset of warmer weather is already paving the way for potential tornadoes. If you live in areas with higher instances of weather-related disasters such as hurricanes and tornadoes, you should have adequate insurance coverage in place to protect yourself and your property.
As you prepare for the rough season ahead, here’s what you need to keep in mind while reviewing your existing insurance policy.
1. Evaluate the Replacement Costs: A standard home insurance policy covers the costs of replacement or repairs, depending on the amount your home is insured for. It is also important that you consider the higher costs of rebuilding your home when evaluating replacement costs, especially if it’s been a long time since you purchased the policy.
2. Plan for the Deductibles: Depending on your location and the likelihood of a hazard in your area, your home/business insurance policy should have a deductible specific to that hazard. This means that if such a (already probable) disaster were to occur, you will be responsible for a set percentage of the costs regardless of the total cost of damage. You should have a preset strategy before the disaster to cover your share of the cost and to save you from financial strain.
3.Cover Yourself Against Floods: Homeowners insurance policy generally excludes coverage for flooding. You’ll have to purchase special endorsement through a private insurer or the federal National Flood Insurance Program to get adequate flood coverage, especially if you live in an area prone to floods at this time of the year.
4.Get Renters Insurance: Undoubtedly, if you live in a rented apartment or condo, your landlord is obligated to cover the expenses of damages to the building with the landlord’s insurance. However, you are entirely responsible for your personal belongings that end up being damaged by any weather-related hazard. Getting a renters insurance can help you protect your personal property in such circumstances.
5.Protect Valuable Documents: Make sure to protect your vital records like birth certificates, marriage certificates, business records, etc., by storing them in waterproof containers, if possible, away from your home. You can also keep some documents online or on a flash drive. It is also advisable to take pictures of your home and its contents that can be presented as evidence when filing a claim.
For more details on how to best review your policy and purchase additional special endorsements for adequate coverage, contact our experts at Bell Black Insurance today! We serve the insurance needs for those in Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming.