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Make Sure Your Home Insurance Coverage Is Adequate

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By : Leticia Carvalho    99 or more times read
Have you checked your homeowners insurance policy lately? If not, then it is time to review it and check if the amount written in the document is adequate to cover the total cost of rebuilding your home if it is destroyed by fire, flood, windstorm or any other catastrophe that can happen in your area.

The following steps will guide you in checking whether your house is adequately insured:

  1. Review your home insurance policies.
    List what risks are covered and not covered. If your house is located in California, you should have earthquake coverage. Likewise, if you live in a flood-prone area, you should have flood coverage. Are there materials in your house structure that are costly to replace? Then they must be covered.

  2. Check building costs in your city or town from time to time.
    Research the web sites of building contractors in your area and check their estimates. Look at the current prices of homes similar to your own.

  3. Update your checklist of valuable personal possessions regularly.
    Have you recently purchased an expensive jewelry? Have you overlooked something valuable when you were making your first list of possessions to be covered? Then it is time to update your personal possessions coverage.

  4. Increase your home insurance coverage after a major remodeling project.
    List all your remodeling expenses and then consult your insurance agent how your policy can be adjusted to cover your house improvement.

  5. Research additional homeowners insurance coverages available in your state.
    Is your house located in an area prone to mudslides? Do you conduct business in the premises of your home? Then you should consider additional coverage.

  6. Be updated on developments in your state that could affect your home insurance.
    Be well-informed. Are there regulations that limit certain types of coverages such as mold coverages? Is your home insurance company involved in a major claims lawsuit? Then you must consult your insurance agent immediately.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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