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Shore up your home

Shore up your home

If you are a homeowner, how well have you protected your property against natural disaster? A 2008 study, cited by CNNMoney.com, indicates that about 66 percent of houses are under-insured. And according to a 2011 survey by the Insurance Information Institute, about 33 percent of homeowners have recently lowered their home or auto coverage to save on premiums.

Aside from taking practical measures to strengthen your property’s stability in the event of an earthquake, hurricane, or tornado, check your policy. The recent decline of market values is not an automatic cue to lower coverage. While the terms of adequate coverage are debatable and varied according to region, the rule of thumb is to ask what the insurance will provide in the event that a home must be repaired or rebuilt from scratch. If you live in an area with higher risk for flooding, earthquake, or tornado, consider the pros and cons of replacement coverage. And investing in inflation guard, a protective measure against rebuilding costs that come in higher than anticipated, may cost more but could save you in the future.

While it’s impossible to predict if and when a disaster will occur, protect your household with ample coverage. Consult a professional for more information on the figures you need to determine the right amount of insurance.