Is your House in a Floodplain?

While rebuilding New Orleans and the Gulf Coast after the horrible devastation of hurricanes Katrina and Rita has relied in part on numerous volunteers, aid agencies and donations from the public, insurance agencies have also played an important role. The numbers involved in this disaster, the worst natural disaster the insurance industry has ever dealt with, are astounding: 1.7 million insurance claims were filed for $40.6 billion in damages. Approximately 682,000 insured vehicles were damaged or destroyed. Despite the terrible destruction and the long rebuilding process ahead, insurance companies have largely succeeded in their job. Though many people found themselves the victims of a poor FEMA response or lacked adequate insurance coverage, millions of others have been able to return to their lives because of the safety net provided by homeowners insurance. Of course, homeowners insurance isn’t just for victims of major disasters. From water damage to vandalism to someone accidentally injuring himself at your home, homeowners insurance has many applications.

In this article, you’ll find out why you need homeowners insurance, how it works and how to save money on the best policy for you. What is Homeowners Insurance? Why buy homeowners insurance? Given all of the expenses that come with owning a home, it’s reasonable to wonder if homeowners insurance is just another seemingly useless expense. The answer is no, it’s not useless — in fact, homeowners insurance is essential. Not only will a good policy save you money in the event that something happens to your home or belongings, an insurance company can also help you with other matters, like making your home more resistant to natural disasters. And though having homeowners insurance isn’t required by law, most mortgage lenders require you to have homeowners insurance in order to borrow money from them. If you live in a condominium or co-op, you may also be required by your tenants‘ association to have homeowners insurance.

Even if you have a relatively new, well maintained house, homeowners insurance can help you in situations that may not be preventable. Say, for example, that you are having a dinner party at your house. A group of guests is gathered on the back patio, and one of the guests trips on a loose tile and breaks his ankle. You, as the homeowner, are potentially liable for the guest’s injury. The right homeowners insurance policy should protect you against legal action and pay for the injured man’s medical bills. Different policies exist for renters, owners of mobile homes, people seeking bare bones coverage and those living in homes that are very old, but most homeowners will purchase what is called an HO-3 policy. This insurance policy covers your home and its contents against damage and theft, as well as you, the owner, against personal liability if someone is injured while on your property.

This coverage also includes damage caused by pets and most major disasters, though floods and earthquakes require separate policies. Homeowners insurance does not cover problems that result from poor maintenance or general wear and tear. A basic homeowners insurance policy should also cover other structures on your property and should provide for living expenses in case you are not able to live at home after a fire or other insured disaster. The amount of coverage provided for each of these items varies depending on the insurer and the type of policy. The liability limit determines how much coverage you have should something happen to your home. These limits usually start at $100,000, but policies can be purchased with much higher limits. Most experts recommend that you have at least $300,000 to $500,000 of coverage, depending on the value of your home. When someone talks about the amount of coverage they have, or their liability limit, they are probably referring to the coverage for their home — that is, for the amount of money it would cost to rebuild their home given the iphone x charging port replacement price of materials and labor in the area.

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