Since the end of the Great Recession in June 2009, despite the major drop off in construction activity, construction prices have actually risen significantly. Furthermore, after a disaster, materials and labor may become scare, driving repair and rebuilding costs up even further.
To properly insure your home, it is important to ask your insurance agent or company representative key questions such as:
Although not a key element in disaster planning, it is also important to have adequate liability protection. This covers you against lawsuits for bodily injury or property damage that you or your family members may cause to other people. It also pays for damage caused by pets. Liability insurance pays for both the cost of defending you in court and for any damages a court rules you must pay—up to the limits of your policy. Most homeowner’s insurance policies provide a minimum of $100,000 worth of liability insurance, but higher amounts are available.
It is important to purchase enough liability insurance to protect your assets. If the standard liability coverage in your homeowner’s policy is not sufficient, you may need an excess liability, or umbrella, policy, which provides additional coverage over and above what is covered in your home (and auto) insurance policy.
If you do suffer damage from a disaster, contact our insurance agency as soon as possible and begin the claims filing process. But to be on the safe side, contact us now so we can review your current coverage.