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Last Updated: Jul 2nd, 2008 - 21:15:22 |
(NAPSI)-If you haven't looked at your homeowner's policy in a while, you may want to dust it off and give it a good read.
For example, if your home were struck by storm, fire or other natural disaster, would your policy cover everything you think it might? And if you took steps to ensure your home was fire, flood and hurricane resistant, would your insurance company give you a discount?
Homeowners Unclear About What's Covered
According to a recent study undertaken by the National Association of Insurance Commissioners, homeowners are surprisingly unclear about what their policies do and do not cover, and therefore many are not carrying the correct insurance.
A recent MetLife survey also found widespread confusion about insurance coverage. The study found that nearly one-third of those surveyed believe their homeowner's policy would reimburse them for the market value of their homes if they were destroyed by fire, storm or other natural disaster.
As insurance companies increasingly refuse to write new policies, or change their business focus altogether due to a sharp rise in unpredictable weather patterns and the aftermath of Hurricane Katrina, it is critical-now more than ever-for homeowners to be in touch with their insurance carriers to ascertain just what's covered and what's not. This would be the time, too, to ask for discounts for taking precautions to make sure your home is hurricane, fire and flood resistant.
Wildfire Checklist
Many insurance companies will consider giving discounts for taking precautions. For example, a recent New York Times article called attention to the fact that wildfires have caused insurance companies, including State Farm, to take a harder look at where people and trees meet, and that they are less willing to write policies for homeowners who do not meet a "wildfire checklist."
One checklist item with which you can protect your home is fiber-cement siding vs. wood or vinyl. While no building material can guarantee a storm-resistant or fire-proof home, there are some preventative measures that can be taken. For example, due to its resistance to wind, fire, impact and flood, James Hardie Siding Products have been specified for homes in hurricane- and wildfire-prone areas throughout the U.S. The products can be installed to withstand hurricane-force winds up to 150 mph in 3-second gusts. James Hardie exterior and interior products are noncombustible when tested in accordance with current standards.
Fire officials and homeowners across the country have credited the use of fiber-cement siding as one of the key reasons their home was spared in devastating wildfires.
For more resources and checklists, visit www.james hardie.com/mothernature.
Now's the time to dust off your homeowner's policy and find out what's covered and what's not.
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