Homes in Houston Texas

1. Understand the claims process.

Two policies can promise the same amount of coverage, but they can be vastly different when it comes to making you whole after a loss. Have the agent explain exactly how claims are handled, especially when it comes to writing you a check. Do you receive your entire claim upfront, or just a fraction? Does the company pay you for all the things you’ve lost, or only those things that you replace?

2. Take inventory.

Filing a claim involves two steps — proving you owned certain items and verifying their worth. This is a lot easier to do when you still have your things. Go through your home with a video camera (rent one if you don’t already have one.) Walk through each room, do a quick sweep and get everything you own on tape. Don’t forget the attic, basement, closets and offsite storage locker, if you have one. Or take the low-tech method: make a list and shoot a few rolls of film. Stash your video or photos in a safe-deposit box with a copy of your policy. If you keep your inventory at home, make a second copy to give to a friend or keep at the office.

3. Buy floaters.

Many times, homeowners and renters policies limit the amount you can collect on some big-ticket items — usually things like computer equipment, jewelry, furs and fine collectibles — to a fraction of the replacement value. If this is the case, you need to pick up a special policy known as a “floater” or “endorsement” for each of those items. A floater will also reimburse you if you simply lose the article. In the case of something new, save the bill of sale with your inventory, and fax a copy to your insurance agent. If the item is older, have an appraisal done. Again, save one copy and send another to your agent. That way, you’ll never have to worry about proving you owned an item, and there will never be a dispute over what it’s really worth.

4. Keep pace with inflation. 

This is especially important with a homeowners policy. It may have cost you $100,000 to build your home 10 years ago, but it might cost $120,000 to replace it today. “Many companies have inflation guard, which covers the increasing cost of rebuilding,” Salvatore says. When your policy comes up for renewal, talk to your agent to verify that your coverage amounts are still realistic. And when you make an improvement, add it to the total.

5. If you own a condo or co-op, protect your property. 

Make sure that the condo board or association has a policy that covers the common areas, and get a copy. Also look at the association bylaws to find out what portions of the home you must cover. “It’s usually from the drywall in,” Griffin says.

Since condo owners need their contents policy to cover things like cabinets and fixtures, they need a bit more insurance than the typical renter. Sometimes you get a price break if you go with the same company that wrote the policy for the condo association.

6. Consider flood and earthquake insurance. 

Granted, this is not for everyone. But if you live in an area prone to floods or earthquakes, it pays to know that most property policies do not cover these disasters. Some independent carriers offer both. For flood insurance, you can also contact the National Flood Insurance Program. In California, you can get earthquake insurance through the California Earthquake Authority.

7. Think about buying an umbrella policy. 

Liability insurance, which picks up the tab if someone gets hurt on your property or through the actions of your family members, tops out at $300,000 on most homeowners policies, according to Griffin. “But nobody sues for $300,000,” he says. “That usually starts at $1 million.” His recommendation: If you have assets, pick up an umbrella policy that would add extra liability coverage to your home and auto policy. “Umbrellas are cheap — usually starting at about $100 to $200 a year.”

8. After a life-changing event, call your agent. 

Getting married or divorced? Are the kids moving out — or back in? The amount of insurance you need — and the items you want to cover — change over the years. Be sure you keep your policies and inventories up to date.

Source: bankrate

About Ameri State Realty: Professional Realtors, Marisol Mendez and Esteban work together and represent early buyers for the purchase or sale of new or used homes in Houston, Cypress, Katy, Spring, Tomball, The Woodlands or any other community in the Houston area we can advise you. “I am a Real Estate Professional in the Greater Houston Metropolitan Area. It has been my greatest pleasure to have helped many families close on their properties in the Houston Area. I am committed to making sure that your buying/selling experience is an enjoyable one. I am passionate about what I do and always looking out for the best interest of my clients.”

Homes in Houston Texas.

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