Review Your Policy before a Natural Disaster Strikes

No one can ever be certain when a natural disaster will strike but that doesn’t mean you can’t be protected.  Both business owners and homeowners should consider reviewing their insurance policies ever year to ensure that the house or business, which you worked hard for, will be protected in the long run.  Whether it’s a flood, fire, or a hurricane, don’t let the daily news reports of tragedy and disaster be the reason for you to consider reviewing your insurance policy.  If you do, it might be too late.  Be sure to take the time now and fully learn and understand what your homeowner or business property insurance policy covers and what it doesn’t.

There have been many attempts in recent time to clarify the confusing nature of insurance policies.  This process of increasing policy transparency is a work in progress but until then, it’s still your duty as a property owner to learn and understand the basics of insurance policies.  A typical property insurance policy covers a variety of natural disasters.  These are called perils and often include fire, lightning, smoke, vandalism, theft, ice, snow, windstorm, hail, riots and volcano eruption.  Those excluded are usually those which happen more often and cause the greatest amount of destruction.  They include earthquakes, floods, hurricanes, and nuclear disasters.  Having to start over and rebuild your home or office is stressful as it is, and having to sift through insurance paperwork will only make it harder.  Take the time out of your day now, while you can, and find out if your policy is both current and relevant to the area which you live in.

The following things should be considered when making changes to your policy.  The first would be to find out if your coverage is adequate and appropriate.  Hailstorm coverage would be unnecessary in Hawaii but hurricane coverage most certainly would be needed.  Also figure out the difference between replacement costs and cash value.  Another problem which often arises is that people fail to update their policy when renovating or improving their home.  If you forget to tell your insurance provider about the new pool you had installed, when it comes time to file a claim, you will lose out on your investments.

Suffering from a natural disaster is hard enough, don’t make it harder than it needs to be.  By updating your insurance information policy today, you can prevent unnecessary stress and difficulty.  If you’re still unsure if your insurance policy is appropriate for your needs, call us today and we would be happy to answer any questions you may have.

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