Living in Minnesota, we know that spring brings lovely flowers and the birds back to our yards, but with the change in seasons also comes with the threat of severe weather including storms and even tornadoes. When the weather becomes dangerous, do you know whether or not you have enough house insurance in the event of inclement weather?
Research shows that most homes are in fact under insured, leaving the owner at extreme risk in the unlucky event that severe weather causes home damage. Many houses may be short at much as 20%.
Do a Home Insurance Check Up:
To research whether or not your home has the proper amount of insurance coverage, you need to know the actual replacement cost. Don’t rely on the various web sites on the interest to be accurate, as many of them are not. Your best bet is to contact your agent and have them figure out the correct figures for you.
Make sure your home is listed correctly on your policy including the accurate square footage, type of flooring that is listed, as well as the age of the home itself. If you have done any remodeling on your home, make sure that these are recorded and reflected correctly.
Educate yourself on what is exactly covered, and just as important, what is not covered in your policy. Most of these contracts do not include flood damage, so if you live on a flood plain, or simply wish to be covered in the event of a flood, you will most likely have to purchase this type of supplemental coverage.
If you are concerned with the dollar amounts that will be covered in the event of weather damage and need to file a claim, you can ask your agent about purchasing extended coverage.
Once you have gone through these steps for a home insurance health check up, put a reminder on your calendar to do this again every couple of years. There are also things that may change and it is a good idea to know that you have done your home work and are comfortable with the home insurance coverage that you are paying for.