Homeowners Insurance – Part One of a careful review of what you may or may not know for one of your most prized possessions and biggest assets.
So, most homeowners policies have the meat and potatoes right in front of you, right? The home coverage, personal belongings, other structures (fences, detached garages, pool, etc). Does your home have enough coverage or too much? Easy calculations using ONLY the main floors sq. footage; 1 story- $125 per sq. foot, 2 story-$140 per sq. foot, and 1.5 story-$130 per sq. foot. These are approximate, but they work rather well. For a condo, it is normally around $80 per sq. foot.
During the first portion of IS YOUR HOME PROTECTED, lets review one more item; MOLD, ROT and DECAY. This can be pricey and EVERY home policy is different in this area, BUT there are some common items as well.
Some policies have $3000, $5000, and more that are part of the policy. Most policies will pay out on this type of claim ONLY if the mold was caused by a payable claim. Payable? Meaning if there was a leaky roof and that leak was caused by a hail storm, then it is covered. If it was caused by an old roof, then no.
If the mold was the result of water getting under your home in the crawl space, then that is a homeowners responsibility to monitor their home and where water is running and settling.
These repairs are expensive. How do you protect against such? First line of defense is to keep an eye on your home. Take time to pull some visual maintenance on your home at least every 6 months. Look at your roof, make sure there are no obvious signs of breaks in the shingles, or have a respectable contractor look at it. Several are not trustworthy when it comes to roofing, so be careful if you need assistance in that area. Look under your home, make sure your landscaping is built up properly to make sure water is carried away from your home, and not towards it.
If you want to know more about what your policy has, ask your agent, or bring it in and I’ll review it with you. Call us today for any of your insurance needs! 502-500-2288.
Part Two coming soon. I hope this is beneficial to someone.