Now is the BEST time to review your Insurance!

In the United States, we have seen some tragic weather strike many of our cities. Just in the last few days a small town named Joplin, Missouri was bombarded with a mean tornado. More than 100 people have died. In any city you live in, you can't control what the weather is going to bring. But you can be PREPARED for it!

Is your homeowners insurance policy full of great coverages? Or it is full of ways to slash the price and underinsure yourself if something horrible was to happen? Don't get me wrong, everyone needs an affordable homeowners policy. But you do need to make sure of a few things:

1. Do you have a sump pump? And do you have the all important water-back up (sometimes called sewer) coverage? At the time you bought your policy, you were probably in a hurry to close on your home and just needed a few "papers" to finish the process. Go back and look and make sure you have this coverage right away, especially if you have a finished basement!

2. Can you afford your deductible? While insurance companies will cover a broad range of events, they will NOT pay your deductible. Some people carry deductible as high as $5000. While lowering your deductible can cause an increase in premium, it will assure you piece of mind if something horrible was to happen.

3. How high is your liability coverage? This day in age nobody sues for thousands anymore. It's very important to keep your liability limits similar to your financial well being. Don't be cheap on this! You should keep limits of it least $500,000. What if I come to your house and slip and hurt myself severly? What if you fail to salt your driveway in the winter and I slip and fell? These are just a few examples of events that could occur.

4. Just say NO to actual cash value! When you purchase a homeowners policy, make sure you have Replacement Cost. While you may think you should insure your home for market value, you may be opening a can of worms if you to have a total loss of your home. While the economy is still in the rut, your home value probably is too. But keep in mind, to build your house again from ground up it will cost more than whatever the actual cash value is. This is very IMPORTANT to know.

I hope these few tips will help just one person out there.
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