Reviewing your insurance policies -

Reviewing your insurance policies

Most people have an insurance policy on their home, but have you read the fine print? You could have some insurance gaps. That's why it's important to sit down with your insurance agent before disaster strikes to make sure you're covered.

Mr. Jesse Sides found out the hard way. Sides' home was destroyed during a storm - piles of bricks, twisted metal, and exposed beams were all that was left.

He thought the storm damage was the bad news, until an insurance adjustor broke more bad news.

For almost a half century, Sides lived in the house with the impression that no matter what happened, he had insurance to cover it. Unfortunately, he was underinsured and was told that $100 of extra coverage per year could have saved him thirty to forty thousand dollars after the storm.

An insurance agent filled us in - he says there is no such thing as full coverage or complete coverage and every contract has its limits.

The agent says it is important that everyone review their policies each year with their insurance provider, spending time before the storm to avoid spending money afterward.

When reviewing coverage for your home, you should look at four key areas:

1. The structure of your house
2. The cost to replace your belongings
3. Your liability to others, in case you're sued
4. Living expenses, just in case you're forced out while your house is being repaired or rebuilt

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