As recent weather events across the country have demonstrated, weather catastrophes can happen any where at any time, regardless of the season or location.  The onset of spring is not only a good time for “spring cleaning” but also a great time to conduct a homeowner’s insurance maintenance and review.  Do you know how much your insurance is and what is covered?  Do you have the right type and the right amount of coverage?

Review your policy annually. Making sure your home has sufficient insurance coverage should be a periodic exercise.  Topics to discuss would be the addition of any high end luxury items such as a big screen plasma or LCD television, new jewelry or art work.

Find out what is and is not included in your policy.  Do you have detached structures such as garages, gazebos, greenhouses, or even a pool?  Are they covered by your policy?  Does your policy cover replacement costs?  Most do, but does yours?  Does your policy offer a revision/increase in coverage amounts based on inflation? 

What are the benefits of flood insurance? According to the FEMA website, some of the benefits are:  Flood insurance compensates you for all covered losses; coverage is relatively inexpensive; you can depend on being reimbursed for flood damages even if the President does not declare a Federal disaster; you do not have to repay a loan as you might have to with many Federal disaster relief packages – your covered losses are paid in full; you can count on your claim being paid in the event of a flood loss because NFIP flood insurance is backed by the Federal government; your agent can help you handle your claim quickly so that you will not have to put your life on hold if a flood damages your property.

Just what constitutes a flood?  In plain English, a flood is an excess of water.  Floods often happen when bodies of water overflow due to heavy rainfall or thawing snow.  But you don’t have to live near water to experience a flood.  A flash flood can strike anywhere without warning.  And, just an inch of water can cause costly damage to your home.

Home Improvement – Are You Covered?  When it comes to home improvement, most people do their homework.  They research contractors, materials, and architects – whatever it takes to get the job done right. But the truth is, most people overlook one important detail – insurance. Over half of all homeowners are underinsured.

Additional living expenses after a disaster - This is a very important feature of a standard homeowners insurance policy. It pays the additional costs of temporarily living away from your home if you can’t live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt.

Coverage for additional living expenses differs from company to company. Many policies provide coverage for about 20% of the insurance on your house. Some companies will even sell you a policy that provides you with an unlimited amount of loss of use coverage, for a limited amount of time.

If you rent out part of your house, this coverage also reimburses you for the rent that you would have collected from your tenant if your home had not been destroyed.

You should talk to your agent or company to make sure you know exactly how much coverage you have and how long the coverage will be in effect. In most cases, you can increase this coverage for an additional premium.