From couches to jewelry, your home is full of a lifetime of objects, and each one holds value and memories. If a disaster were to happen, could you remember what’s in your home, when you purchased it, and it’s exact cost? These details are crucial so that you could be reimbursed for the loss and start to replace these important items after disaster strikes. Keeping a home inventory allows you to rely on photos and documents instead of relying on memory, saving you from hours of stress and anxiety.
Floods are the most common cause of weather-related home damage in the U.S., accounting for an average of about $4 billion in losses every year. Hurricane Sandy alone resulted in almost $7 billion in National Flood Insurance Program claims, and Hurricane Katrina NFIP payouts amounted to more than $16 billion. Even with those federal programs in place, homeowners who lacked flood insurance policies wound up paying substantial out-of-pocket costs which were, in many cases, financially devastating. With this year’s hurricane season just around the corner, understanding flood insurance – what it covers, what it doesn’t cover and whether or not you need it – is especially important. Here are the top five things you should know:
Most people think you only need to talk to a home insurance agent when you need to file a claim, such as when a tree falls on your roof or a fire or storm damages your property. But actually, you have plenty of reasons to talk to your homeowners insurance agent that have nothing to do with filing a claim, and most of those reasons might help you save money. Here are six examples of when it can pay – literally – to talk to your home insurance agent: