May 2016 Home insurance is necessary to protect one of the largest investments you’ll likely make in your lifetime. Like all insurance, you always hope you never have to use it, but it’s reassuring to know that your home and belongings are covered just in case. According to the Insurance Information Institute, one in 15 insured homes have a claim every year. Here’s what they say the 5 most common claims are…
- Wind and Hail – These claims can include hailstorms and windstorms, such as tornadoes and hurricanes.
- Water Damage and Freezing – This can include flooding and freezing/burst pipes.
- Vandalism and Mischief – This can include if your home is egged, outdoor lights or windows are broken, someone digging up your garden, cut or slashed trees and bushes, spray paint and broken/tampered with locks
- Theft – 74% of all burglaries occur at residential properties
- Fire and Lighting – While it’s not the most common, it is the most expensive claim
Does your policy protect you against the problems you’re most likely to encounter? Check your policy and talk to your insurance agent about adding on anything that might be relevant to your area, but not included in the basic policy. Your needs may vary greatly with each passing year, and it’s important to make sure you have the right coverage to protect yourself, your home and your family, so be sure to discuss your needs annually.
Minimize your losses with a home inventory. What happens if you do have a fire or theft? Do you know exactly what is missing or has been destroyed? Will you remember everything? Chances are that you won’t. If you’re unfamiliar, a home inventory is a complete list of all your possessions and their values that you can present to your home insurance provider if/when you file a claim in order to speed up the process. Trying to remember everything you own — and how much you spent on each item — when your home is in disrepair due to a covered peril is extremely difficult and daunting. Save yourself the added stress by creating the inventory now, making multiple copies, and storing them in safe spaces.
Your home is one of the largest investments you will ever make. It is an extension of your family by being where you gather, relax and spend your daily lives. Make sure it’s protected.