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Will Homeowners Insurance Sufficient When Large Disasters Strike?
Insurance owners are supposed to protect us in case of disasters. This is what we have come to expect from our insurance over the years. But what if the disaster is the costliest in U.S. history? What if your insurance agent, home and office were destroyed in the disaster also? That's what happened to many customers and insurance agents and companies owners after Katrina hit the Gulf Coast. Many houses for agents, offices and insurance claims centers were in the same situation as their clients due to storms. So what did they do? They set up "office" in tents and trailers. When Hurricane Rita amazed these temporary offices and agents and companies set them up again
Whenever possible, take measures to prevent further damage to your home if possible: for example, covering the roof with a tarp, if possible. You can hire a contractor if you can find one, because it would be safe for most of us climbing on our roofs. Keep out of the repairs until you see or talk to an expert first. Also, keep your receipts because you will have to prove the expenses can be reimbursed later.What t homeowners insurance coverage? Usually, you can expect your insurance to help pay the additional costs to a maximum of 12-24 months while your home is being repaired. However, home insurance usually pays only after checking that you have a legitimate claim. After Katrina, many insurers made an exception, automatically distributing enough to cover two weeks of additional living expenses for anyone in an area under mandatory evacuation
Some companies have also given a small advance on the content is personal property of home insurance policies.If must wait to get checked, it helps to have the money, which is easy to bank account or a money market fund. Stashing cash at home is not a good idea, because if you go back home and were not able to get your money, most home insurance policies cover only $ 100 - $ 200 in cash, if it is stolen or burned in the fire. Your goal is to have an emergency fund available to take care of your family 2-4 weeks (minimum) if possible. In a disaster can be difficult to find even a local bank to get money. Debit / credit cards with the state or national bank better.Your perhaps the biggest problem of getting your claim handled may not be the right home insurance coverage or who do not have sufficient coverage
Most of the good policies home insurance now covers up to 120% of the limit of coverage at home. It 'important to check the pot limit your agent every couple of years at least. Home insurance policies do not cover flooding, but should no longer see this coverage.If agent will be your home insurance, you may be entitled to money from the Federal Emergency Management Agency (FEMA) disaster assistance or a loan for the Small Business Administration ( SBA). Homeowners can borrow up to $ 200,000 for reconstruction and $ 40,000 to replace personal property, a very low interest rate of up to 30 years.