WEDNESDAY, JULY 30, 2014
 It's important to protect yourself with the right homeowners insurance coverage, in case your home is ever destroyed. Sadly, many people don't discover that they're underinsured until it's too late. Don't let this happen to you. Keep an eye on the following things:
- Do you have replacement value coverage in case your house experiences a total loss? Many policies gamble on your house being salvageable and merely cover a portion of the replacement value. For peace of mind, you might want to consider guaranteed replacement value with no caps; this way, if there's some form of disaster that drives prices of building materials up in your neighborhood, you'll be covered.
- Do you have an inventory of your possessions? Insurance providers generally cover your residences' contents up to anywhere between 50 percent and 75 percent of your home's value. Be sure to make a list of all of your home's contents for a more exact estimate of coverage needs. An inventory also gives you an itemized record that could prove helpful if you wish to file a claim.
- Do you need additional riders for your possessions? Things like jewelry, antiques, memorabilia, guns, silver, furs and electronics have a great financial value. A basic home insurance plan will cap coverage on valuable items, so you might want to purchase a rider for more coverage.
- Do you live in a flood zone? Damage due to floodwaters is not covered in a traditional homeowners insurance policy. Talk to your agent about purchasing flood insurance.
- Do you have loss of use coverage? If you are unable to reside in your house as it's being fixed or reconstructed, you'll have to live elsewhere. The cost of hotels or an apartment may be far higher than your typical bills, so you might want to make certain you've got coverage for this type of situation.
Many individuals pay their homeowners insurance without ever looking at the details. Keep an eye on the above items to make sure you're fully covered. Call First Insurance Group at (502) 348-5921 for more information on Somerset home insurance.
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