August 20, 2012

Common Holes in Homeowners Insurance Coverage

As a follow-up to August's FPW program on insurance, this article points out that most homeowners have less coverage than they assume. Read this and follow up with your insurance company. For most Americans their house is their largest single financial asset. "Many homeowners are not aware of major gaps in their insurance coverage, according to a MetLife survey. Most policies, for example, do not cover earthquake damage, upgrades to undamaged parts of a house that are required by building codes or the full cost of rebuilding after a fire." "Earthquakes, unexpected deductibles, and flooding are just a few of the costs your homeowners policy might not cover. But if you're like most Americans, you probably don't realize it. According to the MetLife Auto & Home Insurance Literacy Survey, many homeowners are clueless about the ins and outs of their policies, which means they could easily end up paying a lot more than they expected after damage to their home." Don't wait until you suffer a loss to find out it's not covered.  http://money.usnews.com/money/personal-finance/articles/2012/08/15/beware-of-these-common-holes-in-homeowners-insurance-coverage

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