Review Insurance Coverage For Homeowners, Renters

May 19-- May 19--Understanding what is and is not covered in your homeowner's or renter's insurance policy is a necessity. Take time now to learn about the risks you may face and build confidence that you are properly protected.

Read your policy. Talk with your agent. Reviewing your insurance coverage annually is an important step to maintain the level of insurance protection necessary to be able to rebuild your home and replace your personal belongings.

Ask your agent if there are any possible discounts for performing mitigation measures to your home or business.

6 Steps to proper insurance protection

1. Insure your home for its reconstruction cost, not its real estate value.

2. If you rent, you need insurance to protect your belongings.

3. Know your flood risk. Standard homeowner's policies do not cover damage from floods, including storm surge from a hurricane. Remember, there is a 30-day waiting period for flood insurance to go into effect. Don't wait until a storm is threatening.

4. Set aside funds to pay your hurricane deductible, and make sure you understand how it is calculated.

5. Get covered for the costs of building code upgrades.

6. Inventory your home's contents to accurately price coverage and speed the claims process. There is free, secure online home inventory software available from the Insurance Information Institute at KnowYourStuff.org.

SOURCE: Tampa Bay Disaster Planning Guide

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