|
Guide for Homeowners: |
|
|
|
Investigate buying a guaranteed
replacement |
| |
cost policy. When and where available, these
policies can pay to rebuild your house, including improvements at today's
prices regardless of the limits of the policy. |
| |
|
 |
Consider having your home periodically |
| |
reappraised to be sure the policy reflects the real replacement
cost. |
| |
|
|
|
Update the policy to include any home
|
| |
improvements, such as basement refinishing.
Annual automatic increases may not be enough to cover these. |
| |
|
|
|
FEMA recommends a policy that covers the |
| |
replacement cost of your possessions.
Standard coverage only pays for the actual cash value (replacement
cost discounted for age or use). |
| |
|
|
|
Be very clear about what the policy will and |
| |
will not cover and how the deductibles work (the
part you pay before the policy pays). |
| |
|
|
|
Be aware that hurricane deductibles can
be |
| |
significantly higher than standard
homeowners' deductibles. |
| |
|
|
|
Check state or federally operated insurance |
| |
pools if you find it difficult to
obtain private coverage because of a recent disaster. Premiums often
run higher than market rates, but this may be a better choice. |
| |
|
|
|
Conduct a home inventory, make a list,
and |
| |
use it to check that your policy’s coverage
matches the value of your possession. |
| |
|
