Are You Under-Insured for Storm Damage?
This blog post has been adapted from the original by John Matarese of WCPO 9 On Your Side (link).
Knowing Your Coverage
It seems like we’ve been getting more storms through our area this year than I can remember having in years past. Some families in Ohio are still struggling to recover from the recent tornadoes that cut through our area just last week – a second blow has been the discovery that their insurance doesn’t fully cover the damage to their homes.
Your home, condo, or apartment might not be totally covered in the even of a fire, tornado, flood, or damaging winds. That’s because many policies cover just the bare minimum – not unlike liability only coverage on your auto insurance. Trying to “save a few dollars” now could cost you much, much more in the long run.
What you need is called “full replacement coverage” – which covers more than just what you paid for your home. Restoring your home to what it looked like before the damage can cost up to three times the listed value, especially on older houses.
Renters Often Lose Everything
For those who live in apartments, the situation can be even worse. Many assume their landlord’s insurance policy covers them in the event of tornado or fire, but that’s actually not the case at all. Typically, it is only the structure (the building itself) that is covered in a landlord’s insurance policy.
Consider everything you own, all of the valuables in your apartment; none of those are covered in your landlord’s policy. All of it could be lost in a storm or a fire, but a $200 policy in renters insurance could be enough to cover your thousands of dollars in valuables.
Know What You Own
It’s easy to lose track of all the things we have isn’t it? We can all remember that we have a new TV, but do you know the brand and model – do you know its value? It’s a smart idea to take an inventory of everything valuable that you own. Take pictures on your phone, create an excel sheet to save (and even print off just in case) and make a list of everything from appliances, electronics, musical equipment, to clothes.
If you want to make it even easier, there’s an app that can help. TheBalance.com was recently listed as one of the best home inventory apps for 2019:
Other apps include:
- Memento Database
- Nest Egg
- My Stuff 2
Some of those apps are free; some charge a small fee but are well worth it.
As always we are here to help. If you have questions about creating an inventory, or if you want to know how much coverage you have, just send us an email or give us a call and we’ll be happy to give you that extra peace of mind.