Page 150 - South Mississippi Living - October, 2017

BOSAR for your protection
Check Your
story by Margaret Reynolds Reynolds Independent Insurance Agency, LLC
INSURANCE POLICIES
When seeing the destruction in
our neighboring states, it’s hard not to reflect on our own losses during Hurricane Katrina. Catastrophic hurricane damage is caused by both wind and flood. The lesson from this is that a disaster can happen to your home and the time to prepare is now.
Pull out your insurance policies. First, check that you have the current policy. If you can’t find the current year’s policy, call your agent and ask for another copy. It’s time to do a review of coverage.
The first page is the Declarations Page. It will list the various coverages and an amount (example: Dwelling, Coverage A $250,000). Look at
each coverage and amount to see if coverage amounts are still correct. Since you bought your house, you may have acquired more possessions,
BEFORE DISASTER STRIKES
150 SOUTH MISSISSIPPI Living • October 2017
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and so need more personal property coverage, or it may be time to raise your liability coverage from $100,000 to $300,000.
Make an appointment with your agent. Go over your coverages; have him or her explain any terms you don’t understand. Ask if there are any other available coverages you are not carrying. Example, Sewer and Water Backup is not automatically covered on all policies so you may want to add that. Many policies now exclude Animal Liability. If you have a dog, you might want to add this. If your agent won’t take the time to review this with you, it might be time to look for a new agent.
One last topic — flood insurance. This is typically purchased through the National Flood Insurance Program. People say they are “not
in a flood zone” but this is not true! Everyone is in a flood zone. These homes are probably in the X Zone which is low risk and qualifies for coverage at a very reasonable rate ($250,000 of coverage on the home for $1.23/day).
Historically, 20 to 30 percent of flood claims paid in any year have been to homes in the low-risk zone. Additionally, some private companies are entering the flood market and some homeowner policies are now offering flood insurance options, so again review your options with your agent.
Homeowner insurance protects your family’s lifestyle. Once you’ve had a loss, it’s too late to find out that you were under-insured or not covered. Act Today!