There’s nothing like a disaster to expose gaps in your homeowners insurance. Whether it’s a fire, hurricane flooding or a midnight break-in, these kinds of situations will put your homeowners insurance to the test.
But in the aftermath of a disaster the last thing you want is to discover these surprises. Get familiar with your homeowners insurance policy now so you can identify homeowners insurance gaps before tragedy strikes.
Review this tips to help you avoid homeowners insurance gaps in S.C.
First, know exactly what’s covered in your policy. One of the biggest problems is that people assume they are covered for flood damage. Most policies do not cover flooding so that can be a major homeowners insurance gap in S.C. If you live in a designated flood zone, you may be required to carry an additional flood insurance policy.
Even in you live in an area prone to flooding – like the S.C. coast – you may want to consider an additional policy. A typical policy is about $700 a year so it can really be worth it if you suddenly find your home under water.
Also, review how much the insurance company will give you in the event your house is a loss and needs to be rebuilt or you need to buy a new house. Is it enough money?
Second, do you have adequate coverage for your personal belongings? A typical policy will cover your personal items, such as clothing and computers, up to a certain amount. Note, though, insurance companies usually pay out a depreciated value of the item, which is not what you paid for it brand new. That also means your sentimental possessions are going to be much more valuable to you than the insurance company.
If you happen to own valuable items like artwork, antique furniture and jewelry, you’ll want to ensure you have adequate coverage in the event of damage or theft. This is an area some people neglect – part of those homeowners insurance gaps. Talk to your agent about purchasing an additional policy that specifically covers those high-dollar items.
Lastly, review your policy annually. This is the best way to familiarize yourself with the overall policy and coverage amounts. It’s a great time talk with your insurance agent about the need for additional policies, possible discounts and any changes in your lifestyle or home.
Be sure to take care of any changes during a quiet time. Insurance companies won’t be issuing flood policies when a hurricane is headed straight for the S.C. coast. Put a note on your calendar or annual to-do list to take a fresh look at your policy and avoid any homeowners insurance gaps in S.C.
Learn more about Manning Insurance Services’ Homeowners Insurance Policies.