Tuesday, 29 August 2006
Does Your Homeowners Insurance Have You Covered?
A large portion of American homeowners are unsure about whether their homeowners insurance policies cover their needs, according to a new survey by Travelers Insurance.
A gap in your policy could leave you liable in the event of a disaster. Even so, the survey suggests that many homeowners aren’t aware about how much protection their policy gives them.
The study found that:
- 27% didn’t know if their policy would cover the cost of replacing their home if it were damaged.
- 26% didn’t know if damage caused by natural disasters was covered.
- 36% didn’t know if damaged caused by a hurricane was covered.
- 26% didn’t know if flood damage was covered.
- 42% didn’t know if earthquake damage was covered.
The survey also suggested that 44% of homeowners had not reviewed their insurance needs in the past year.
“It’s not at all unusual for homeowners to get insurance coverage when they buy a house, but not revisit it for years,” said Joseph P. Lacher, executive vice president of Travelers Personal Insurance. Mr. Lacher pointed out that things like remodeling and installing burglar alarms can have change people’s coverage needs.
If you’re unsure about whether your homeowners’ insurance is meeting your needs, you should talk to a agent. A professional agent will help you assess how well your current policy fits. You may find you need more coverage — or that you’re paying too much for the coverage you have now.
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