BUILDING AND PERSONAL PROPERTY COVERAGE. Our office cannot stress the need for this enough right now! Why? Because most homeowners insurance plans do not cover flooding and the 3 feet of snow in your backyard is eventually going to melt which could be detrimental to your home and belongings. AKA, you could be screwed.
You may be thinking, “I live on top of a hill, Ashley. How is it possible for my home to have flooding?” or “I’ve never had an issue before so I think I’m okay.” Well, with record breaking snow fall amounts this year, it’s reaaaalllyy hard to be 100% sure. Still not convinced you need it or that it’s worth the price? Let me put things into perspective for you. Imagine you just furnished your entire basement and spent thousands of dollars on it. 2 weeks later, part of it floods. If you do not have building and/or personal property coverage for flooding, you ARE NOT insured for anything that was ruined or destroyed. Which means that unless you have thousands of extra dollars to spend, you are now facing a financial issue. Think about how much all of your electronics, furniture, furnace, water softener, carpeting, plumbing, and etc. all costs. The cost of coverage is a lot less than what the price of getting the coverage is. Are you convinced yet?
Below is a (partial) list of what is insured under building and personal property coverage.
Building Property Coverage:
The insured building and foundation
Electrical and plumbing systems
Central AC equipment
Refrigerators, stoves and built in appliances
Permanently installed carpet
Permanently installed paneling and cabinets
Detached garages (exclusions apply)
Personal Property Coverage:
Personal belongings (clothes, electronics, etc)
Portable window AC units
Washers and dryers
Freezers (with food in them)
Certain valuable items (up to $2,500)
PLEASE do not wait until it’s too late to protect your assets. Just like most insurance policies, there is typically a 30 day waiting period. (Another reason why you shouldn’t wait)
Until next time,