Three Important Facts About Your Flood Policy
A Standard Flood Insurance Policy is a single-peril
(flood) policy that pays for direct physical damage to
your insured property up to the replacement cost or
Actual Cash Value (ACV) (See “How Flood Damages
Are Valued”) of the actual damages or the policy
limit of liability, whichever is less.
1. Contents coverage must be purchased separately.
2. It is not a valued policy.
A valued policy pays the limit of liability in the event of a total loss.
For example: Your home is totally destroyed by
a fire and it costs $150,000 to rebuild. If your
homeowners insurance policy is a valued policy
with a $200,000 limit of liability on the building,
you would receive $200,000. Flood insurance
pays just the replacement cost or ACV of actual
damages, up to the policy limit.
3. It is not a guaranteed replacement cost policy.
A guaranteed replacement cost policy pays the
cost to rebuild your home regardless of the limit
of liability. For example: Your home is totally
destroyed by a fire and it costs $200,000 to
rebuild. If your homeowners insurance policy
is a guaranteed replacement cost policy with a
$150,000 limit of liability on the building, you
would receive $200,000. Flood insurance does not
pay more than the policy limit.
For a flood quote, www.firstmetroagency.com
Monday, January 12, 2009
Sunday, January 11, 2009
Homeowners Claim Checklist
Claim Recovery Checklist
Damage to your home can stressful, upsetting and, even hazardous. The following key steps from The Institute for Business & Home Safety (IBHS) can help homeowners recover safely following damage to their property.
Protect yourself
Always be careful when entering a damaged building. If there is serious structural damage, contact local officials before entering. Report downed power lines or gas leaks. Keep electricity turned off if the building has been flooded.
Protect your property
Take reasonable steps to protect your property from further damage. This could mean boarding up windows and salvaging undamaged items. Contact your Independent Insurance Agent to find out what is covered in terms of protection.
Report the loss as soon as possible
Contact your Independent Insurance Agent as soon as possible. Provide a general description of the damage and have your policy number handy if possible. Write down the adjuster's name, phone number and work schedule as soon as you have them.
Prepare a list. Keep damaged items or portions of them until the claim adjuster has visited, and consider photographing or videotaping the damage to document your claim. Prepare a list of damaged or lost items for your adjuster.
Keep receipts
If you need to relocate, keep records and receipts for all additional expenses. Most policies cover emergency living arrangements.
Return claim forms
After you've reported your claim, watch for claims forms. Fill out and return the forms as soon as possible. If you do not understand the process, be sure to ask questions and write down the explanation.
Cleanup
When starting the cleanup process, be careful, and use protective eyewear and gloves if available.
For More Information http://www.firstmetroagency.com/
Damage to your home can stressful, upsetting and, even hazardous. The following key steps from The Institute for Business & Home Safety (IBHS) can help homeowners recover safely following damage to their property.
Protect yourself
Always be careful when entering a damaged building. If there is serious structural damage, contact local officials before entering. Report downed power lines or gas leaks. Keep electricity turned off if the building has been flooded.
Protect your property
Take reasonable steps to protect your property from further damage. This could mean boarding up windows and salvaging undamaged items. Contact your Independent Insurance Agent to find out what is covered in terms of protection.
Report the loss as soon as possible
Contact your Independent Insurance Agent as soon as possible. Provide a general description of the damage and have your policy number handy if possible. Write down the adjuster's name, phone number and work schedule as soon as you have them.
Prepare a list. Keep damaged items or portions of them until the claim adjuster has visited, and consider photographing or videotaping the damage to document your claim. Prepare a list of damaged or lost items for your adjuster.
Keep receipts
If you need to relocate, keep records and receipts for all additional expenses. Most policies cover emergency living arrangements.
Return claim forms
After you've reported your claim, watch for claims forms. Fill out and return the forms as soon as possible. If you do not understand the process, be sure to ask questions and write down the explanation.
Cleanup
When starting the cleanup process, be careful, and use protective eyewear and gloves if available.
For More Information http://www.firstmetroagency.com/
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