You have been regularly paying your flood insurance policy premiums and you are at ease with the knowledge that in case of emergencies like flooding, you have cover for your house and the contents. But are your home and contents properly insured? Relaxing in the thought that you have flood insurance coverage, are you safe from the possibility that you may have underestimated the true value of your property? Can you sleep well at nights assured that you have upgraded your policy as you acquired or added more valuables to your original inventory?
Coping when disaster like a flood strikes is not a pleasant experience, but getting news that your house and house contents are under insured is a shocking thought indeed. This should create awareness in you as a flood insurance policy holder to check if you are adequately covered or you have the correct level of cover.
It is high time to check if your property is under adequate cover. If you live in a flood risk area or if your area is prone to subsidence, you should not keep it but inform your flood insurance provider because it may cause future problems when your insurer will refuse your flood damage claims.
Remember to update your buildings insurance policy if you have added home improvements at any time so that if you make a claim, it will be included. The same applies to contents cover. If you have purchased additional things or valuable goods, update your insurance cover.
Do you have a new-for-old cover? This means your flood insurance policy provider will pay out to replace the lost or damaged item. You should check your policy because some insurance providers have a time frame or limit about how long a specific item had been in your possession.
Another important thing on your checklist is to inform your flood insurance provider if you have any valuables like works of art, paintings or other expensive goods which you want to be included in your flood insurance policy. Do not hesitate to pay a higher premium or get a separate policy for expensive items. Calamities like floods may occur any time and you will not relish the thought of seeing your valuables without insurance damaged beyond repair.
If you are buying a house with a current owner, be sure to ask the owner about his flood insurance policies and who the insurance provider is to make sure there are no problems and you will still get appropriate cover for your house and contents. This would also to make sure you will not be the recipient of hand-me down problems with insurance policies.
You should also get advice from your flood insurance provider especially if you are living in a flood zone. Although your location may limit your house and contents insurance options, your flood insurance providers could offer plenty of advice for you. With this concerns addressed, you can sleep in your house at night without worrying about floods and other emergencies because you are adequately covered.