Top Five Tips: Ensuring the Right Insurance Coverage for Homeowners

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The American Insurance Association (AIA) is releasing Top Five Tips for ensuring the right insurance coverage for homeowners. It is recommended that homeowners annually review their policies to ensure that they are appropriately covered.

“Spring is a great time for homeowners to review their policies to make sure they have the coverage they want and need." - Jim Whittle, AIA’s assistant general counsel and chief claims counsel

WASHINGTON, D.C., April 3, 2015 – With snow finally melting in the Northeast and many parts of the nation already experiencing spring-like conditions, the American Insurance Association (AIA) is releasing Top Five Tips for ensuring the right insurance coverage for homeowners. It is recommended that homeowners annually review their policies to ensure that they are appropriately covered.

“Spring is a great time for homeowners to review their policies to make sure they have the coverage they want and need,” said Jim Whittle, AIA’s assistant general counsel and chief claims counsel. “These tips provide a basic outline for what homeowners should be checking. However, we encourage every homeowner to work with their agent and insurer and ask questions when reviewing their policies and their needs.”

1.    Home Inventory: Maintain an up-to-date home inventory of personal belongings and consider purchasing extra coverage for expensive items such as jewelry and art.

2.    Deductibles and Exclusions: All homeowners’ polices contain deductibles and exclusions. Review these and your policy in general and contact your insurer or agent if you have questions.

3.    Flood Insurance: Standard homeowners’ policies do not cover flood insurance. Check with your insurer or agent to find out about flood insurance and whether you might want or need it. You can also find out more from the National Flood Insurance Program.

4.    Earthquake Insurance: Like flood, earthquakes are not covered by standard homeowners’ policies unless you purchased it as an endorsement. Check with your insurer or agent for coverage options.

5.    Replacement and Rebuilding Costs: Check and review that rebuilding and replacement costs are adequate enough should your home be struck by a disaster or unforeseen loss. Your agent and insurer will be happy to help you too.

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