In the aftermath of Hurricane Sandy, there are already rumors that many owners do not have enough insurance to cover the damages to their properties. Unfortunately, the fact is that most homeowners don't even know they aren't fully covered until it's too late. Many people just don’t think about checking up on their policies until disaster strikes.
Purchasing the appropriate insurance is not a difficult task. Just consult with your real estate agent about what disasters you should prepare for and then call a reputable insurance agent. If you have one, it might be time to revisit your policy, which can sometimes look confusing, so below are a few key words to look for in order to get you on track to having all your bases covered.
• Dwelling or Building Coverage – Look for the amount listed under this title and divide it by the square footage of your Santa Cruz home. Talk to your insurance agent, your real estate agent and maybe even your contractor to determine if your current amount is enough. You will want to take into account lot size and building materials.
• Liability Protection – This amount goes toward covering you if someone is injured on your property and decides to sue. Whether your dog bit someone’s hand or a guest slipped around your pool, lawsuits are expensive and most liability policies start at $100,000.
• Valuable Add-Ons – Many policies do not cover valuables, such as art, jewelry, antiques, gold, or wine collections in the basic plan. However, you can usually add them for a small annual fee. So talk to your insurance agent to ensure your precious items are covered.
• Condominium Stipulations – Condominium coverage is different from housing coverage in that it normally only includes the items within the walls of your unit. Just to be sure, take your homeowners association policy to your insurance agent for confirmation.
A little coverage goes a long way when it comes to unforeseen disasters. Be sure to give your insurance agent all the information you have. If something looks misleading, then your claim could be rejected.
Please call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information about insuring your Santa Cruz home.
For additional real estate information, please visit my website at www.MySantaCruzRealEstate.com.