Disaster Protection – What YOU Need to Know
Is your home sufficiently covered right now? Here’s how to tell.
Home values have climbed considerably over the last few years—given that, is your home insurance sufficient to protect you in the event of a loss? Someone recently asked me this question, and it bothered me that I didn’t know the answer. I did some research and learned that we were in good shape, but not everyone is so lucky.
If you don’t already know, ask your insurance representative as soon as possible how much your coverage would pay you to rebuild your home or make repairs in the event of a disaster.
Recently, I was on a call with a broker in Colorado who shared a story about the Colorado forest fires a few years back. They said that many homes and neighborhoods are still boarded up because the owners were underinsured and couldn’t afford to put additional money toward repairing or replacing their residences. One family got $330,000 from insurance proceeds, but it was going to cost them $560,000 to rebuild their home. They didn’t have the extra money, and things are still tough for them.
We can provide you with a personal risk-mitigation assessment
If you have investments or other rental properties, check on them too. We also recommend that you take an annual walk around your house and take a video of your belongings. This is another simple way to protect yourself in the event of an unexpected incident.
Lastly, we can provide you with a personal risk-mitigation assessment. You answer the questions and get a score; the score grades the present level of your personal risk and how mitigated it is.
If you’d like your own assessment or have any questions about protecting your home, give us a call or send us an email. We’d love to help you.