Back in April, Virginia was hit by 24 tornados that killed 10 and destroyed 212 homes while damaging 1,000 more. If you are a Smith Mountain Lake homeowner or a potential one, you may be concerned whether more recent storm activity will once again hit our state. You wonder "Will your homeowner's insurance cover the damage done during a storm, specifically, a tornado?" In a word, yes. A tornado is considered "wind damage," which is included. Realize, though, for adequate coverage-especially in areas known to be high risk for tornadoes and other types of natural disasters-you will need to do your homework, and be sure both the type and the actual coverage amount of the policy is suitable to your current needs. You want a policy that will weather the storm.
The best way to avoid any problem in coverage is to be prepared. Don't just buy a homeowner's policy when you purchase the home and forget about it for the rest of the time you are living there. According to the Insurance Information Institute (III), studies indicate a high 59% of homes are underinsured by as much as 22% on average. Their advice is to update that insurance regularly. The policy needs to reflect major purchases, home improvements and the general increase in what it costs to rebuild. To help accomplish this preparedness, contact your insurance agent and address these 3 questions:
1. Do I have enough insurance to rebuild my home at current construction costs?
2. Do I have enough insurance to cover my possessions for what I paid minus the depreciation or to actually replace them?
3. Do I have enough insurance to cover any additional living expenses I may incur while my home is being rebuilt or repaired?
If it is too late to follow the preparedness suggestions, due to recently having incurred damage due to weather, the III offers steps to assist you through the claim process as well. Here are the first steps you will need to know in filing your claim:
•· Make contact with your insurance agent or company immediately.
•· Ask if the damages done are covered under your current policy.
•· Find out if there is a deadline for filing the claim.
•· Confirm the amount of your deductible and see if the claim will exceed that amount.
•· Ask how long the claim will take to process.
•· Find out if estimates are needed for repairs.
Keep in mind that being prepared is the key to easing your mind and potentially your pocketbook in proper insurance coverage for your home. Make it a regular appointment on your calendar to contact your agent and review your coverage versus your current need for coverage.
Can be of any assistance to you with insurance recommendations, or with buying lakefront property? Call me, Vicki Millehan. I have over 19 years experience selling waterfront homes, and I am a long-time resident of Smith Mountain Lake.
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