What you need to know about homeowner's insurance - WALB.com, Albany News, Weather, Sports

What you need to know about homeowner's insurance

March 28, 2003

Albany- Last week tornadoes ravaged thousands of people's homes, scattering debris and personal property everywhere. You may not be able to protect your home from getting hit, but you can make sure you'll have the means to replace the things that are damaged if you have homeowners insurance.

"Most people get their policy and throw it in a drawer, and they don't really know what they have," says insurance agent, Linda Reed.

Homeowner's insurance will cover damage to the structure as well as personal belongings in a natural disaster, but the key is to not only to know what it covers but to also keep it updated. Reed recommends every five years.

"They're only going to pay what your policy limits are, so you should always make sure your homeowner's insurance is up to date," Reed explains.

She also encourages adding inflation guard which increases the value of your policy over time, and also adding replacement cost that way even if your property depreciates in value, you'll get enough money to replace it.

If you don't own your home, the only way to protect your belongings is renter's insurance.

"If your renting a house and like in the mobile homes it totally destroys everything you've got to have protection just as if you owned the property because you do own your contents of course," adds Reed.

She says because so many people don't have any coverage the most important thing is to just to have some kind insurance just in case disaster strikes.

Reed also says that people should remember that damage caused by flooding is not covered by homeowner's insurance policies.

Posted at 8:10 PM by elaine.armstrong@walb.com