Why Homeowner Coverage Is Critical

While emergency management agencies, governments, and social service agencies continue to stress the importance of planning and preparing for disaster, especially in tornado, flood, snow, and other severe weather conditions, what about homeowners and renters? Are we all personally ready to handle disaster when it strikes?

Having a plan in place and being prepared sounds simple enough, but do we, as individuals, always follow through? In his article on homeowner/rental coverage, columnist David Colmans, executive director of the Georgia Insurance Information Service, advises those who think “Bad stuff happened to others, but not to me” to think again. Maintaining protection for where we live remains critical. And Colmans points out what homeowners must remember when covering their property.

  • Structure: This is coverage for the structure of your home in a specific type of disaster. Usually, it does not cover damages caused by floods, earthquakes, or routine wear and tear. This coverage should cover rebuilding costs in the event your home needs major reconstruction.
  • Personal belongings: This covers most personal belongings if they are stolen or destroyed by fire, hurricane, or other insured disaster. Make sure you have sufficient coverage to compensate for all of your valuables.
  • Liability protection: This type of coverage protects you from lawsuits for bodily injury or property damage. It also pays for damage caused by your pets. However, experts recommend you purchase at least $300,000 worth of protection.
  • Additional living expenses: In the event you are temporarily unable to live in your home because of an insured disaster, this added coverage provides peace of mind.
  • Renters insurance: Renters insurance usually provides the same type of coverage as homeowners insurance, with the exception of structure coverage, which the landlord is responsible for.

For more detailed information on homeowners and renters insurance, read the full article: http://chronicle.augusta.com/news/business/local-business/2011-02-19/homeowner- coverage-important

More resources: http://www.giis.org/ho/home.shtml