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Home » Insurance » Home Insurance

Is Your Insurance Prepared to Protect You?

Source: www.id.state.az.us
Topic: Home Insurance

Sort Desciption: that home and business owners do a periodic review of insurance policies to ... Calculators and a Homeowners’ Insurance Check Up Checklist pamphlet ...

Content Inside: March 2006 Arizona Department of Insurance www.id.state.az.us or (602) 346-2499 March 18 -24 Wildfire Awareness Week Is Your Insurance Prepared to Protect You? Part of being prepared for a disaster is planning for disaster recovery. That’s where insurance comes in. Is your insurance ready? Arizonans face potential loss or damage to homes and businesses from a variety of natural disasters, including wildfires, severe thunderstorms and flood. Wildfires alone have resulted in well over $200 million in claim payments to Arizona fire victims and over $2 billion in California. 1 A serious thunderstorm over an urban city in Arizona can quickly amount to millions of dollars in claims. Make sure your insurance is ready! Get an Insurance Check Up Make an appointment with your insurance representative to go over your insurance. Some agents and insurers do not regularly reevaluate their clients’ coverage limits, so it behooves you to initiate a coverage review. Do you have the right type of insurance? For instance, FLOOD damage is not covered under a homeowners’ insurance policy 2 , and homeowners insurance typically does not cover business-related equipment. If you operate a business in your home, or if you need coverage for flooding, you might need to purchase additional insurance. If a disaster forces you to leave your home, you may be entitled to insurance benefits, called ALE or “additional living expense”. Do you have the right amount of insurance? The leader in residential property valuation services, Marshall Swift/Boeckh (MSB), estimates that 58% of U.S. homes are underinsured by an average of 21%. 3 “I did a homeowners check up myself and discovered I was underinsured,” said Christina Urias, Director of Insurance. “It is imperative that home and business owners do a periodic review of insurance policies to ensure sufficient coverage.” The ADOI has a List of Replacement Cost Calculators and a Homeowners’ Insurance Check Up Check ...

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