Know the value of your home owners insurance and appraisal
Chances are you have not reviewed your insurance coverage since you purchased your home, possibly years ago. Today is the time to call your insurance agent and verify that your home and possessions are adequately covered.
The Insurance Information Institute, a nonprofit industry trade group, recommends looking at your insurance coverage in four key areas; the structure of your house, your belongings, your liability to others, and your living expenses if you're forced out. The goal is to be able to rebuild your house in the event of a disaster and replace everything in it. Experts recommend replacement value insurance for the contents of your home and extended-replacement-value insurance for the house itself.
Sit down with your insurance agent and review your options to make sure you're covered for specific types of events, such as flooding, earthquakes and natural disasters... don’t wait until an emergency to be aware of what your coverage will handle. Be aware that some insurance companies will not cover some specific disasters.
It is also necessary to receive a professional appraisal of valuables. When you get the appraisal, be sure your current insurance policy provides adequate coverage limits for the appraised items or have riders for them. Don’t forget to store those documents in a safe place.
