A home is probably the largest investment most people make in their future. But did you know recent industry figures indicate that nearly three out of every five homes in America are under insured by an average of 22 percent, with some homes under insured by 60 percent or more?
So how much homeowners insurance do you need? Basically, you need enough insurance to cover:
The cost of rebuilding the home.
Replacement of its contents.
Liability for injury to others or damage to their property.
Your living expenses if you have to live elsewhere while your home is being repaired.
Your policy should cover your home and personal property against loss or damage caused by fire and lightening, windstorm and hail, explosion, and other disasters. However, you should know that flood damage is generally not covered by homeowners insurance. Susan Moore & Associates also offers flood insurance through the National Flood Insurance Program (NFIP). Keep the following facts in mind when you consider flood insurance:
There is a 30-day waiting period for a flood policy to take effect.
25 percent of all claims occur in low-moderate risk flood areas.
Everyone lives in a flood zone.
In the United State, flooding is the #1 natural disaster.
Over a 30 year mortgage, there is a 26 percent chance of flooding versus a 9 percent chance of fire.
Another important factor to consider is that homeowners, auto, and watercraft policies have a limit on liability insurance. If you own property or have a net worth more than the liability limits in your policy, you should choose an umbrella policy with Susan Moore & Associates. With an umbrella policy, you can add up to 5 million in liability protection.
There may also be limits on how much coverage you get for expensive items like jewelry. Consider a special personal property rider with Susan Moore & Associates to protect your treasured belongings.
And, as a full service agency, remember that Susan Moore & Associates also offers the following property insurance:
Call us today at 847-279-8444 for a quote on any of the personal property insurance products we offer.