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NBD International Inc
Date: Dec 27th, 2016

Protecting your home is about more than the financial aspects. It’s also about having a sense of security if your home is affected by a disaster.  Regaining your stability is what you’ll most need to focus on – and the last thing you’ll want to worry about is money.

Knowing that you’re covered if something should happen to your home will not only give you peace-of-mind now, but also in the event of an actual disaster.  Here are some things to keep in mind.

 

 

What Is Typically Covered – Damage to your property/possessions in the event of;
  • Certain Storms
  • Fire
  • Theft
  • Vandalism
  • Liability coverage (If someone is injured on your property)
  • Shelter costs (If you’re temporarily displaced from your home)
  • Property stolen from your car or while traveling
What Isn’t Covered – Standard policies typically exclude
  • Earth movements (landslides, earthquakes, sinkholes)
  • Power failure
  • War, nuclear hazard, government action
  • Faulty zoning
  • Bad repair or workmanship
  • Defective maintenance
  • Windstorms/Tornadoes (may exclude tornadoes/hurricanes in some high-risk areas)
  • Water
    Usually Covered: Coming from above (Rainwater/burst pipe)
    Usually NOT Covered: Coming from below (backed-up sewers, ground flooding)
Shop Around – Not for just a policy, but for an agent you can trust
  • Look for good reviews online
  • Get a personal recommendation
Preventive Actions Can Reduce Premiums – Some things to Consider
  • Working smoke detectors
  • Deadbolt Locks
  • Security Systems
  • Fencing and covers around pools/spas
Know the Difference – “Replacement Cost” vs. “Market Value”
  • Replacement cost covers repairing or replacing your entire home.
  • Market value is how much someone would pay to buy your home and accompanying land in its current downtrodden condition.
  • A policy based on market value is typically less expensive and offers the best chance to recoup at least partial expenses after a loss, but you won’t recoup as much in the event of a serious disaster.
  • For those who have a good emergency fund established, consider a policy that covers more in terms of replacement/rebuilding your property but with a higher deductible
Time is of the Essence – Don’t Wait to file your Claim
  • Know what the time limits are to report a claim and abide by them
  • Coverage may be denied if waiting has made the problem worse
Write it down – Good Record Keeping is Important
  • Failing to keep good records can result in a claim being denied
  • Document everything that occurs during a loss such as;
    • When the loss occurred (date &time)
    • What property was damaged
    • What initial mitigation/clean-up was done and by who
    • Receipts, contracts and appraisals
    • Phone calls including who you spoke to and when
Maintenance Matters
  • Insurance companies would rather pay as little as possible to repair damage
  • Pay for routine checkups for things like your roof and heating and A/C systems
  • Keep an eye on your water bill: an unusual upward spike could signal a leak

 More detailed information can be found here 11 Tips every homeowner needs to know about Insurance – By Allison Kade

 

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