Make Sure Your Home Is Covered for a Disaster

Peak hurricane and wildfire season is in full swing, and that could mean a potential disaster for your home. It isn't only strong storms or fire that can cause significant damage to your property either. Many areas experience earthquakes, including those areas not commonly known for earthquakes, and many areas experience flooding. It is a good idea to make sure your home is covered for any potential disaster that might strike your region.

Flooding and Wind Damage

A lot of people believe that if they simply get homeowners insurance, they will be covered for whatever might happen to their home. This is not true. For the most part, basic insurance will cover pipe leaks or flooding caused by a water-main break or other man-made issue. For what is deemed an "act of God" such as a hurricane or wildfire, many people are not covered and will have to tap into their savings to pay for damage repair.

If your insurance company has add-ons for flooding caused by hurricanes or strong storms, it is a good idea to have these included on your policy. Water damage and damage caused by high winds can cost a lot of money to fix, and many people don't have enough savings to last during the duration of a disaster, let alone to repair the damage left behind.

Complete Home Inventory

Most people have a good idea of what possessions they have in their house, but it is likely there is a chance that you are forgetting a few things in your garage or attic. In the event of a disaster, your insurance company will want to have a complete inventory of items that are valuable and that were lost in order to pay you for them.

You should take the time to go over everything of value you own in the house and create a complete inventory. If at all possible, try to include the purchase price or assessed value of the item. It's a good idea to make at least two copies of this inventory—one for at home, and one to place away from the home, in a bank safety-deposit box, for example, in case the original is lost.

Also, don't just rely on your home insurance to help cover any damages or items lost due to a disaster. It is a good idea to save at least three months of income to help cover food, water, and shelter expenses as well as to repair the damage done to the property and replace any lost items.