Protect Your House

Regardless of whether you've owned a home for tens of years or are renting your first property, your home or apartment means the same thing to you: it's your stronghold, your place of refuge. The place where you store the things that mean a lot to you. Stop to think how easily a disaster can strike and, in the blink of an eye, take all those meaningful things away from you. Learn how to insure your belongings. You'll wonder how you ever lived without the peace of mind.
Even with adequate time to prepare for a disaster, you still may suffer significant,
unavoidable damage to your property. That’s when insurance for renters or
homeowners can be a big help. Yet, many people affected by recent disasters have
been underinsured- or worse- not insured at all. Make sure the insurance you buy
protects against the perils you face.

If You Own a Home...

1 Buy, at minimum, full replacement or replacement cost coverage. This
means the structure can be replaced up to the limits specified in the
policy.

2 Investigate buying a guaranteed replacement cost policy. When and
where available, these policies can pay to rebuild your house, including
improvements, at today’s prices, regardless of the limits of the policy.

3 Have your home periodically reappraised to be sure the policy reflects
the real replacement cost.

4 Update the policy to include any home improvements, such as
basement refinishing. Annual automatic increases may not be enough
to cover these.

5 Buy a policy that covers the replacement cost of your possessions.
Standard coverage only pays for the actual cash value (replacement
cost discounted for age or use).

6 Be very clear about what the policy will and will not cover, and how the
deductibles work (the part you pay before the policy pays).

7 Check state-operated or federally operated insurance pools if you find
it difficult to obtain private coverage because of a recent disaster.
Premiums often run higher than market rates, but this is better than no
coverage.

8 Conduct a home inventory, make a list, and use it to check that your
policy’s coverage matches the value of your possessions.

2608 West Grace Street
Richmond, VA 23220-1944
Phone 804-342-1808
Fax 775-458-9931
www.krmgroup.com
KRM Consulting Group KRM Consulting Group

If You Rent...

1 Buy renter’s insurance, which pays for damaged, destroyed, or stolen
personal property. Your landlord’s insurance won’t cover damage to or
loss of your possessions. Also, consider special coverage like flood
insurance for your belongings.

2 Be clear about what a policy will cover. Some policies cover more than
others. For example, will the policy pay for living expenses if you have to
live somewhere else temporarily, or for damage from sewer backup?

3 Comparison shop for the best coverage at the best price. Policies vary
from company to company. Policies in most areas are very affordable.
Start with the company that insures your car. Discounts are often
available if you carry more than one policy with a company. You may
also want to consider special coverage as insurance for renters and
homeowners won’t cover certain types of losses. Ask your insurance
agent or financial planner about special or additional coverage for
floods, earthquakes, home offices, and other potential problems.