We have all seen the devastating pictures in the media of Hurricanes Katrina and Rita's destruction of homes and businesses. There is a growing home insurance question as to the source of damage in the areas hit hardest by Katrina and Rita: wind or flood? The cause of the damage is directly related to home insurance-policies-and-the-coverage they provide. If damage, is caused by wind, most standard home owners policies include coverage.
If flood conditions are determined the source of the loss, a separate federal flood insurance plan must have been obtained before the water damage. "It's really a sad, sad thing," said DeWaine Mattek Sr. of American Family Insurance in Rhinelander. "A lot of people down south did not have flood insurance. You would think most would have looked into it being below sea level. Unless flood insurance was required by a lender, unfortunately the cost of the extra policy made it unavailable to a lot of home owners in the affected region." Much of the inland flooding in the southern states was due to levees breaking, allowing water into other areas. Hurricanes and tornadoes are considered "wind" related disasters.
When is the best time to review your current home insurance policy? Frequently, according to Mattek. "Call your agent and make an appointment to sit down and review policies every couple years to make sure all of your needs are covered." In Oneida County, flood insurance is available, however, in Vilas County it is not. It is up to each county board to accept a proposal for federally regulated national flood insurance. Flood insurance actually only covers a house from the first floor up; not including basements, where most flood damage originates. A common problem in Wisconsin is basement flooding due to the spring thaw. Ice and snow can melt down walls and flood basements, not covered in your home insurance.
Home insurance policies are commonly categorized in a numbering system from one to five, with five being the most extensive coverage. The most popular policies are a three or five, with two used primarily for older cottages and four used for renter's policies. There are stipulations in home insurance policies, along with underwriting regulations determined by location. Your local fire department's rating and location establishes premium variances between cities and rural areas. For example, a more expensive home in Milwaukee may be less expensive to insure than a smaller home in the Northwoods due to fire department response times and fire hydrant locations. Recording a video tape of the contents of your home, including opened drawers, cabinets and closets is recommended.
If flood conditions are determined the source of the loss, a separate federal flood insurance plan must have been obtained before the water damage. "It's really a sad, sad thing," said DeWaine Mattek Sr. of American Family Insurance in Rhinelander. "A lot of people down south did not have flood insurance. You would think most would have looked into it being below sea level. Unless flood insurance was required by a lender, unfortunately the cost of the extra policy made it unavailable to a lot of home owners in the affected region." Much of the inland flooding in the southern states was due to levees breaking, allowing water into other areas. Hurricanes and tornadoes are considered "wind" related disasters.
When is the best time to review your current home insurance policy? Frequently, according to Mattek. "Call your agent and make an appointment to sit down and review policies every couple years to make sure all of your needs are covered." In Oneida County, flood insurance is available, however, in Vilas County it is not. It is up to each county board to accept a proposal for federally regulated national flood insurance. Flood insurance actually only covers a house from the first floor up; not including basements, where most flood damage originates. A common problem in Wisconsin is basement flooding due to the spring thaw. Ice and snow can melt down walls and flood basements, not covered in your home insurance.
Home insurance policies are commonly categorized in a numbering system from one to five, with five being the most extensive coverage. The most popular policies are a three or five, with two used primarily for older cottages and four used for renter's policies. There are stipulations in home insurance policies, along with underwriting regulations determined by location. Your local fire department's rating and location establishes premium variances between cities and rural areas. For example, a more expensive home in Milwaukee may be less expensive to insure than a smaller home in the Northwoods due to fire department response times and fire hydrant locations. Recording a video tape of the contents of your home, including opened drawers, cabinets and closets is recommended.
0 komentar:
Posting Komentar