Insurance: What you Need to Know

During the past three months I have had the honor of working with survivors of Hurricane Sandy. Hearing their stories was a very rewarding experience. Reminding me that every day, every hour and every minute is precious; and to not take anyone or anything for granted.  Anything can happen…in a minute.

Don’t take your friends and loved ones for granted.  Take the time to share yourself and enjoy life and those around you.

AND, don’t take your flood insurance for granted.

ESPECIALLY– your contents insurance. What are the contents covered in a flood policy? Picture this…if you turn your house upside down…what falls is “contents.” Appliances covered are washer, dryer, free standing freezer, portable dishwasher, and window/portable air conditioning units. All other appliances are covered under the dwelling portion of your policy.

BASEMENT: If you take even a small step down below ground level…you are in a basement.

IF, you have a basement the only things covered are washer, dryer, free standing freezer, and window/portable air conditioning units.

Here are some suggestions for you:

  1. Read all your insurance policies so you will know what is covered.
  2. If you haven’t already- take pictures. Full views each room. Inside closets and drawers. All electronics. Anything over $100.00…take a picture. Put these pictures on a CD or flash drive if possible. Now…put them somewhere so that you can get to them after the event.
  3. So, you have put off doing #2 and now a hurricane or flood is coming. Take pictures before you leave and take them with you.

Definitions and clarifications:

Collections– A collectible or collection is a hard to define thing. The phrase “To each His Own” comes to mind. So use logic; If you have a “collection and/or collectible” of items that add up to monies you would like to replace the “collection”…it is a collection. Take pictures of these collections…what-knots, CD’s, LP’s, DVD’s, etc.

Toys– if your children have “tons” of toys…take pictures.

Antiques– Antiques are not priced as antiques. They are priced as “presently used items.” So if you have antiques and want them covered for their antique value…get riders for them.

Special Limits: There is a $2500.00 special limits on jewelry, artwork, and furs. This means the maximum you can get “altogether” for these items is $2500.00. So if you have these items your best move is to get riders for the items so they are covered. Check your homeowners to see if they are covered in that policy.

Pre-Firm/Post Firm: Flood insurance rating is dependent on the date the structure was built. A “Pre-FIRM” date means the structure was built prior to the community’s
initial Flood Insurance Rate Map (i.e., prior to the identification of
the community’s flood risk). Pre-FIRM structures qualify for subsidized flood
insurance rates, as shown below. A “Post-FIRM” date means the structure was
built after the community’s initial Flood Insurance Rate Map, and this
result is in a risk-based insurance rating. This type of rating is primarily based
on the difference between the structure’s lowest floor elevation and the
1%-annual-chance flood elevation at that site.

Ask your insurance person about your pre-firm and post-firm dates. And also make sure your declaration page has all your information correct. Is your home description and pre-firm/post firm dates correct. Having these items incorrect will slow down getting your claim processed.

About mobilebaldwinlistings

Realtor in Mobile and Baldwin Counties Alabama.
This entry was posted in Bad Weather-Insuranc, Content Insurance, Do you have the right Insrance coverage, Flood Insurance- What to do, Flood inurance coverage, Human Interest, Insurance Peparedness, Insurance-Flood, Insured Preparedness, What to do after a catstrophe-Insurance and tagged , , , , , , , . Bookmark the permalink.

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