The news headlines the past few weeks have included stories up tornadoes killing hundreds of people and leveling entire communities. This week we are hearing about the floods expected in communities bordering the Mississippi River and expected to incur millions of dollars in flood damage. Even winter storm losses in 2010 reached $2.6 billion (one of the top five worst winters for property damage).
Now is a good time to evaluate your homeowner insurance coverage and disaster preparedness plans.
A U.S. government site that is offered is at tinyurl.com/2n2z3p.
A glossary of terms you should be familiar with is available at A.M. Best:
Replacement value - The dollar amount needed to replace damaged personal property or dwelling property without deducting for depreciation but limited by the maximum dollar amount shown on the declarations page of the policy.
Named Perils - Perils specifically covered on insured property.
Deductible - Amount of loss that the insured pays before the insurance kicks in.
You can also access information regarding disaster preparedness at FEMA's website.
Contact Shelly at Ben Goodwyn Agency for more information 972.618.0100.
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