Insurance Awareness Day: Is Your Home Protected?

What’s so exciting about National Insurance Awareness Day?

Celebrating it could save you money.

Ok, so it may not be the most exciting holiday, but celebrating National Insurance Awareness Day on June 28 is  essential when it comes to your home. Why?

Estimates show that nearly 2/3 of American households are underinsured.

That means if a natural disaster like a hailstorm or tornado hits, 2/3 people will not be able to repair their homes using insurance coverage alone and will have to pay the rest out of pocket.

Catastrophic storms often serve as a wakeup call to homeowners on how much coverage they have, but at that point it’s too late to change anything. Knowing what is covered, what is not covered, and steps you can take to reduce premiums, are all important things when it comes to your insurance policy.

The last thing you want is to be left high and dry after a disaster. Get the facts straight now! Get your agent on the line and ask them these six critical questions:

1. What type of policy do I have, replacement coverage, or market value?

While a policy based on market value is typically cheaper, it will only cover partial expenses after a loss. Talk to your insurance about which homeowners policy you have!

2. What type of damage is covered by your policy?


Not every type of damage to your home is covered.

A standard homeowners insurance policy gives you peace of mind when it comes to the structure of your home, personal belongings, and liability. However, it might not cover the damage resulting from a natural disaster, especially if your home is in a high-risk area.

The best thing to do is to talk with your insurance agent and get clear-cut answers on what will and will not be covered in the event of a disaster. The next step to take is to find additional coverage to fill the gaps in your HOI policy.

3. What is not covered by your policy?

Along with types of damage, another thing to ask your insurance agent is what belongings are insured and which are not.

Some insurance policies limit jewelry coverage to one or two thousand dollars. If you have jewelry worth more than that, there is a chance you will come up short!

4. How long is the deadline to file a claim for major damage?

Knowing how long you have to report a claim is very important! If you wait too long to file, you may no longer be eligible for benefits! You will have to pay out of pocket for repairs. Make sure to get a definite time period from your insurance agent before a disaster strikes.

5. Are there any discounts I can take advantage of?

Ask about possible discounts! Best way to save money is to ask how you can. There is always the potential for bundling and saving.

6. What can I do to reduce premiums?

Ask your insurance agent if there are steps you can take to reduce your premium! Insurance companies price policies on the potential risk they see. By taking preventative measure to avoid disasters, you can help lower your premium!

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