As temperatures rise and storm season approaches, it’s time to review your homeowners’ insurance policy.
Natural disasters can strike with little warning, and outdated coverage could leave you unprotected when you need it most.
When reviewing your policy, focus on three things.
First, make sure your policy’s coverage reflects today’s rebuilding costs, not what you paid years ago.
Second, verify your personal property coverage is enough to replace your belongings.
Third, check your Additional Living Expenses coverage in case your home becomes unlivable, and you need a temporary hotel or apartment.
Standard homeowners insurance typically doesn’t cover flooding or earthquakes, which require separate policies.
Tornadoes, wildfires, and wind damage from hurricanes are generally covered in your homeowner’s policy, but any post-hurricane flooding is not.
Take time now to understand your coverage so you can adjust it if needed.
It’s a good idea to review your policy at least every five years.
Major disasters occur more often, and times spent going over your policy now could save you stress when it matters most.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC.
