If you have antiques, paintings, etc, get them appraised now and take photos of them. Place those appraisal papers and photos, in a safe deposit box, stash them at a friends or relatives home. Every area (just about) in the US has experienced a flood at one time or another. That’s why private insurance company’s, bailed […]
Written on Monday, August 11th, 2008 by karlshields :: 0 comments to this post
If you have antiques, paintings, etc, get them appraised now and take photos of them. Place those appraisal papers and photos, in a safe deposit box, stash them at a friends or relatives home.
Every area (just about) in the US has experienced a flood at one time or another. That’s why private insurance company’s, bailed out of covering flood damage years ago. The only place you’ll get that coverage, is from the federal government. If your in a flood plain or near one, you’ll pay a bit for the coverage. If your well outside of a flood plain, the coverage could be be as little as $325 per year.
Next get an accurate appraisal of the house. Do not go by the tax assessors estimate of your homes value.
Pay extra for replacement value coverage, it’s more expensive but if you have a major claim, the insurance company won’t depreciate your loss as much as an average policy.
I learned that one the hard way after a fire. The insurance company raked me over the coals with depreciation’s. For example: I had a color TV that I paid $500 for and I had it for four years. The insurance company depreciated everything 10% for each year of age. So I got a check for a couple hundred bucks. Try to buy a comparable TV for like $300, can’t do it. Now imagine that happening to everything you own.
Get the highest deductible you can afford and you should be well on your way, to having proper coverage and protection.
Good luck
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