Author: Anthony Peck
Source: articlemarketer.com
You wouldn’t buy a car without first checking out its history (theoretically, anyway). Why on earth would you buy a home (and a home insurance policy) without doing the same thing? Yet that’s exactly what most people do. They take a look at their house, identify any major cosmetic and structural damages that are going to need to be fixed and sign on the dotted line for their deed without asking any more questions. Then they go out and insure their home through a local provider, sit back, pop their feet up and relax.
But do they really know what they’re getting into?
Before you buy home insurance, preferably even before you buy your home, you should take some time to scope out not only the history of your house but also the history of the land around it. You’d be amazed what you can learn when you go digging through your home’s past insurance claims-for example, the fact that the roof leaks and caves in every winter. You’d be amazed at how often history repeats itself when it comes to your home insurance claims.
The other thing you want to find out is what kind of geological problems you’re going to run into, and I’ll tell you why in a second. Geological issues that are going to impact your homeowners insurance rates include earthquakes, hurricanes, mine subsidence and windstorms, along with just about any other “Act of God” that’s going to come your way. If you live in an area at high risk for any of these events you can almost guarantee that you’re going to have to deal with them at some point, and it’s best to be prepared well ahead of time.
It’s important in terms of your home insurance to know what you’re getting into geologically because a) it’s going to affect your homeowners insurance rates, b) it’s going to affect your ability to get homeowners insurance at all and c) if you don’t know what’s going to be covered by your insurance policy and what’s not you could find yourself up a creek without a paddle when disaster strikes. Since holding the bill for thousands of dollars worth of repairs that your homeowners insurance isn’t going to touch with a ten foot pole isn’t a position you want to be in, it pays to be informed before you sign on the dotted line.
Believe it or not, most “all perils” home insurance policies don’t extend to covering earthquakes, flooding or damages resulting from windstorms. They also probably don’t cover damages resulting from abandoned mines shifting and collapsing underneath your home, completely realigning your foundation. If there’s a chance, no matter how slim, that your home is going to be affected by one of these things you’re going to need to take steps to make sure you’re covered-unconditionally.
Read through your “all perils” policy to find out what it’s NOT going to cover, then pick up the phone and talk to your insurance agent. You may be able to purchase an add on to your insurance package that will help you. If that option isn’t on the table you’re going to need to contact one of the many state or federally funded programs currently inexistence that help deal with these things and make sure you’re all set. The last thing you want to do is “forget” to do your homework and leave the door wide open for whatever disaster decides to come rolling your way.
Anthony M. Peck is the Senior Developer, Software Project Manager, and Director of Business Development for QuoteScout.com. For more information on your home insurance, visit them on the web at http://www.QuoteScout.com.
Tags: home insurance, home insurance claims, homeowners insurance