Davis Roofing: Article About Biggest Insurance Mistakes Homeowners Are Making
Storm damage isn't just costly; it can place a great emotional toll on homeowners. For homes in regions prone to storms, it's important for owners to know what steps they should take to prevent some of these expensive insurance mistakes. If they aren't sure what to do, they can always consults with an experienced Davis roofing company for the best advice possible.
The biggest mistake is not having a large enough insurance policy on a home. It's critical to have a home insured for the proper amount, and most homes are actually underinsured. If there's major damage from something like a flood or tornado, being underinsured may be a haunting mistake. Most people only get enough insurance to cover their mortgage and not the amount it will cost to rebuild their home. Even if a policy is taken out for the current value of the home, that still isn't enough to rebuild the home. The cost of labor and supplies will increase after a major storm, so this should be taken into consideration. The best way to get the most accurate cost is by using a professional home replacement cost estimator. Some insurance companies will offer this service for free to customers.
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Real estate agents or contractors can also give an accurate estimate on rebuilding costs. If all of this is too stressful, homeowners can level it out by asking for a guaranteed replacement cost coverage. This guarantees rebuilding the home no matter the cost, but the premiums on this can be quite expensive.
The second biggest mistake, and one that too many people found out about during Hurricane Katrina, is many homes aren't covered in the event of a flood. It doesn't matter if a home is near the ocean or in a floodplain. Groundwater can lead to flooding, too. The price will vary on how much coverage is needed. Low risk areas should only need above ground, contents only coverage. Higher risk homes should ask for basement and contents coverage. Most insurance companies offer flood insurance, but FEMA has a list of private insurers if the need arises. Customers should keep in mind that there's a 30 day waiting period between the purchase and when the policy goes into effect. If there's an impending hurricane, buying flood insurance right before it hits won't do any good.
Insurance hassles are the biggest reason why major storm damage is so costly to fix. Ensuring the right protection is put into place will help homeowners pick up the pieces after a significant storm wrecks havoc on their home.