Category Archives: Flood Insurance

27555527 - time for review

Is it Time To Review Your Insurance Coverage?

We’ve all heard the stories of loss after natural disasters or catastrophic events, such as fires or burglaries. Homeowners and renters insurance policies will cover your home and valuables in a lot of instances but there are some very important exclusions. Getting to know your policy, what is covered and what is not, can save a lot of trouble down the line. It also affords you the opportunity to acquire additional coverage to make sure you can replace all those items that reside in your home with you.

What May Not Be Covered?

Aside from the normal exclusions for war or natural disasters, there are usually exclusions or minimal coverages (sublimits) provided for expensive or specialty property you might own. Some of these items might include, but are not limited to:

  • Firearms
  • Art
  • Furs
  • Watches and Jewelry
  • Silverware
  • Precious metals and coins
  • Specialty electronic equipment
  • Memorabilia (sports, historical collections, etc)

For example, sublimits for jewelry are typically $1,500 or up to $10,000 if you have a high-value homeowners policy. If you have expensive watches and jewelry, it won’t take long to exceed those values. Thankfully additional coverage and endorsements are available to cover these types of items. But how much should you ensure them for? What is their real value and how do you document it for the insurance company to make sure it is adequately covered and replaced?

Documentation and Appraisal

The first thing you need to do is keep your receipts and records for valuable items. Collectors tend to keep accurate records of memorabilia and its value, but do you have an idea of the current value of your other valuables? You can collect this information and keep it safe with a summary list. Most insurers don’t require appraisals unless, for instance, a single item of jewelry is over $50,000 in value or a piece of art is over $250,000. In any case, if you do have an appraisal having these records will give the appraiser a good place to start.

 

When you do have high-value items or if you lack records to support the value, due to gift or inheritance, it is a good idea to have the items appraised. The valuation from the appraisal will allow you to set a value, acquire appropriate insurance coverages and provide you with an itemized third-party inventory of what you have. Alternately, you can get blanket coverage for your valuable items. This type of coverage generally increases the sublimits on items and is a good way to insure numerous small items.

There is an additional cost to having appraisals and buying additional coverage, of course. The key is to find out the appropriate value so you get the most appropriate coverage for the lowest price. Acquiring your property and collections takes your time, money, and resources. Your insurance policy should be crafted to make sure your investments are protected.

Do you have a question about your appraisal? Feel free to call one of our team members at  (800) 443-7007.

4 Tips to Avoid Water Damage in Your Home

Flood DamageAs the weather gets warmer and the trees begin to flower, those of us who live in temperate climates know that spring is finally among us. However, with all of the benefits that come with the season, such as warmer weather, there are also drawbacks; especially the spring showers. Although this may provide much-needed water for your lawns and gardens, excessive rain that falls in April can cause significant water damage to your home if you don’t take the proper precautions. To prevent this from happening, here are several tips on ways you can prevent water damage to your home:

  1. Fix leaks.

This may seem obvious, but a surprising amount of people don’t know how to act in the situation that a leak appears in their roof or other areas of their home. Many simply believe that they can place a bucket under it to collect the water and that you can work on fixing it once the rains stop. However, if you have a leak, you must act immediately to fix it, as the longer water continues to seep through it, the larger it will get – until finally, you may experience flooding.

  1. Protect your roof.

Take measures to protect your roof in the event of heavy rains, such as by placing a tarp over certain sections that you believe to be weaker and more prone to leakage. You can also invest in a rubber roof underlayment, which will serve to block water advancing into your home if it gets past the shingles that cover your roof.

  1. Clear gutters.

One of the greatest causes of flooding and water damage is gutter buildup. your home’s gutters are built to allow rainwater to flow through and escape out onto the ground rather than collecting on your roof. However, if your gutters are clogged with leaves, dirt and other debris, the water will not be able to get through, and will instead percolate in the shallowest areas of your roof. This encourages leaking and, eventually, water damage.

  1. Get insured.

You can’t always prevent floods from happening, even if you take the time and effort to insulate your roof or clear out your gutters. That’s why you should always purchase flood insurance if you live in a flood-prone area; that way, you know that you have a backup plan if your flood prevention measures fail.

If you do not currently have insurance to protect your home from flood damage, now is the time to inquire! Prevent major headaches down the road ask about our coverage options for your home by clicking here.