its a good time to review your home insurance
Its a good time to review your home insurance
I
LAST weeks torrential rains and widespread flooding came as an unexpected surprise to many, but a bigger surprise lies ahead.
As the skies cleared and the water receded, many homeowners were given a second rude awakening. Most, if not all, the damage experienced in our area is not covered by standard homeowners insurance.
While some mortgages require flood insurance if you live in a federally designated flood zone, homeowners living outside flood plains probably never considered whether having supplemental insurance for something like a flood.
And maybe the word flood is too strong in describing much of the widespread damage here. A better phrase would be water damage, but it doesnt make it any cheaper to repair no matter what you call it.
According to wire reports from last weeks storm coverage, flooding — the kind that comes when water rises — is not covered in most homeowner policies. Rain damage that results from a loss of roofing material, for example, likely would be covered, says Tully Lehman, a spokesman for the insurance information network of California based in Pleasant Hill.
Water and mud seeping into basements, through doorways or into garages wont damage a homes foundation, but it will ruin carpets and flooring, as well as introduce nasty mold in areas that will have a tough time drying out.
Suddenly, the average $400 a year premium doesnt look so expensive if you find yourself ripping up carpet and combating growing mold.
If you are in this same boat, so to speak, you are not alone. Only some 250,000 Californians have flood insurance, and most of those live in a flood plain.
We recommend you begin checking with your current insurance agent on coverage and premiums, as well as checking the federal Web site, http://www.floodsmart.gov, to get additional information that could help decide if adding flood insurance is wise.
And while you are reviewing your options on flood insurance — or lets call it water damage insurance — we suggest you do the same with earthquake insurance.
The same rules generally apply. Your standard homeowners insurance policy will not cover the majority of damage caused by an earthquake.
Whether or not you buy a policy for floods or earthquakes, you should understand the risks and gaps in coverage.
I
LAST weeks torrential rains and widespread flooding came as an unexpected surprise to many, but a bigger surprise lies ahead.
As the skies cleared and the water receded, many homeowners were given a second rude awakening. Most, if not all, the damage experienced in our area is not covered by standard homeowners insurance.
While some mortgages require flood insurance if you live in a federally designated flood zone, homeowners living outside flood plains probably never considered whether having supplemental insurance for something like a flood.
And maybe the word flood is too strong in describing much of the widespread damage here. A better phrase would be water damage, but it doesnt make it any cheaper to repair no matter what you call it.
According to wire reports from last weeks storm coverage, flooding — the kind that comes when water rises — is not covered in most homeowner policies. Rain damage that results from a loss of roofing material, for example, likely would be covered, says Tully Lehman, a spokesman for the insurance information network of California based in Pleasant Hill.
Water and mud seeping into basements, through doorways or into garages wont damage a homes foundation, but it will ruin carpets and flooring, as well as introduce nasty mold in areas that will have a tough time drying out.
Suddenly, the average $400 a year premium doesnt look so expensive if you find yourself ripping up carpet and combating growing mold.
If you are in this same boat, so to speak, you are not alone. Only some 250,000 Californians have flood insurance, and most of those live in a flood plain.
We recommend you begin checking with your current insurance agent on coverage and premiums, as well as checking the federal Web site, http://www.floodsmart.gov, to get additional information that could help decide if adding flood insurance is wise.
And while you are reviewing your options on flood insurance — or lets call it water damage insurance — we suggest you do the same with earthquake insurance.
The same rules generally apply. Your standard homeowners insurance policy will not cover the majority of damage caused by an earthquake.
Whether or not you buy a policy for floods or earthquakes, you should understand the risks and gaps in coverage.
posted by Mark at 12:50 PM
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