You’re sleeping comfortably in your bed one night, only to be awakened by your town’s tornado sirens. The abrupt storm rips a large part of your roof off and destroys half of your upstairs.
You return from a night at the movies to find that your front door has been kicked in and someone has stolen your computer, your television, your stereo, and your most expensive clothes.
As the shock of disaster wears off, the victims will begin thinking about their home insurance. You may not know quite what to do in such a situation:
• First things first: you’ll need to call your insurance provider. Do not begin cleaning up the mess yet.
• If a repair needs to be made immediately (e.g., a hole in the side of your house), go ahead and fix it, but save the receipts so that your home insurance can reimburse you.
• Before cleaning up the mess, carefully look around and make a list of the damaged/stolen property. If you’re dealing with damage and not theft, it’s best to keep the damaged items instead of throwing them out. This will move your reimbursement along more quickly.
• Attempt to identify structural damage, and take photographs of it. A few other tips to remember:
• Flood Coverage and Earthquake Coverage are not typically included on a average home insurance policy; if you live in a high-risk flood/earthquake area, you should strongly consider adding these coverages on.
• Update your homeowners policy every year, or whenever you renovate or purchase something very expensive.
• An Umbrella Policy will increase your Homeowners Liability.
Hopefully, you will never find yourself in the unfortunate situation of home damage or theft. However, if you do, these are good tips to keep in mind.