Does Your Home Have Enough Insurance?

Even though your home is insured, it might be underinsured. According to an insurance-service firm called MSB, 68% of homeowners are underinsured by an average of 18%. And where homes and rebuilding costs are high, this percentage can be even higher. Most homeowners have a ‘guaranteed replacement’ or ‘extended replacement’ policies, but virtually all insurers cap their payouts at 100% to 150%. What you could do is use web-based tools to figure out an estimate of your replacement costs and then compare those with what’s in your insurance policy. All My Sons of Oklahoma City also learnt that natural disasters like floods and earthquakes aren’t covered by your home owners insurance, so if you’re in an area that’s ‘high risk’, you should get additional insurance from a special windstorm-coverage pool. Another tip is to verify your homeowners policy to see if your insurer will provide you with money to pay your rent and living expenses while your home is being re-built after it was damaged. Check on your ‘replacement cost’ cash value too. Many insurance policies restrict the amount you’d get to replace stuff or even exclude common household items. The Oklahoma City movers say the very best thing to do when it comes to your homeowners insurance is to really actually read and understand the contract between you and your insurer. If you understand what you are getting in return for what you’re paying, then you’ll have no surprises in the future. And if you’d like more coverage, you can always ask for it.