Courtesy of iii.org Standard homeowners policies cover a wide range of potential disasters, from tornadoes to lightning strikes to winter storm damage. Policies do vary, though, so for your own peace of mind, check yours for the specific perils covered. Learn what's generally covered by each homeowners insurance policy type—and what's not. What type of disasters are covered? You will want to determine what type of coverage you have for: Dwelling Personal property Options include: Perils Basic HO-1*+ Broad HO-2* Special HO-3* Special HO-3 Renters HO-4 Condo/Co-op HO-6 Modified Coverage HO-8 Disasters that are not covered Floods. Flood damage is excluded under standard homeowners and renters insurance policies. Separate flood insurance coverage, however, is available for both homeowners and renters as a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers. Learn more about flood …
3 Reasons to Create a Home Inventory
Courtesy of iii.org Creating and updating an inventory of your personal possessions is one of the best ways to make the most of your homeowners or renters insurance, and makes filing a claim easier and more efficient. A home inventory is simply a list of your personal possessions along with their estimated financial value. You can create a home inventory in a simple, low-tech manner by writing down everything in a notebook and keeping receipts in a folder. Or you can take advantage of technology and use a digital camera or smart phone or app to make your record. No matter how you choose to do it, the important thing is to take action. An up-to-date home inventory will: Help you purchase the right amount and type of insurance. Having an accurate list of all your possessions helps you to have a more productive conversation with your insurance professional when making decisions about homeowners or renters insurance coverage. After all, if you don’t know what you have, how …
Should I Insure Household Help
Courtesy of iii.org Accidents happen—and if they happen to people you've hired to come into your home or onto your property to work, you're financially liable. It makes sense to understand how you're already covered and when to further insure household help. Appropriate and adequate insurance coverage depends on the nature of the employee’s position and the assets you're protecting. As always, consult your insurance professional with any questions or requested changes to your policy. Here's some information to get you started. If you contract a worker with an outside firm For many household and in-home care needs—for example, for a nurse, a physical therapist, a cook or a housekeeper—you may decide to contract with a business or agency that provides these types of pros. Determine who is the employer. When you're dealing with a firm or agency, in most cases the worker you hired is an employee of that business and insured under their auspices. (If for some reason …