Homeowners’ Insurance policies in Georgia do cover damage caused by tornadoes but your existing policy may not be enough.
With the devastating storms that have destroyed so many homes and lives in Georgia a lot of our customers have been asking about Tornado insurance. According to a 2008 study, 64% of American homes are under-insured. While home prices have dropped in Atlanta, building prices have gone up. The smart Atlanta home owner has their agent go over their home insurance policy and make sure they are up to date. You need to be confident that your agent is doing their job correctly and not just trying to close the sale. This is where experience and trust play a big part in choosing your insurance agent.
Ask your agent the following questions about your Atlanta home insurance policy:
1. What type of homeowners’ insurance policy do I currently have and what and who is covered under my insurance?
2. Is the home insurance that I have adequate for a total or partial loss?
You have to make sure that your insurance will cover your home and all of the possessions in your home. At Atlanta Insurance we can’t stress enough how important it is to make sure you update the value of your possessions and replacement cost. Take the time and let your agent know – even if it means a higher premium it is much better to be safe than sorry.
3. What is not covered with my home owners insurance policy? What is specifically excluded from the insurance policy (usually call possessions and perils)?
Your policy should thoroughly outline everything that is covered. For example, if you aren’t sure about your new flat screen TV and installation costs being covered – ask.
4. Does my home insurance cover replacement cost, and is it a guaranteed replacement cost?
Replacement cost and guaranteed replacement cost are very different. Ideally you want a fully guaranteed replacement cost for your items and not just replacement cost.
5. Are there any limits set on personal valuables such as computers, silverware, clothing, artwork or jewelry?
Always read the fine print and ask your agent if limits are set on any of these items you may have.
6. Does my home insurance policy cover any type of water damage? What will it cover (flooring, foundation, mold, etc)?
Most home owners insurance policies will cover overflow water damage but damage from flooding may not be covered.
7. Should I consider any optional or extra home owners insurance coverage?
Flooding and earthquakes are typically not covered in a standard policy. At Atlanta Insurance you do have options though. We offer extra coverages for these risks and items that are not covered with your standard home insurance policy.
8. How much is my deductible? Can I save on my premiums by choosing a higher deductible?
More often than not your payments will be less if you have a higher deductible. Carefully weigh the option of having lower payments and a higher deductible verses having a lower and perhaps more affordable deductible in the event of a catastrophic event like the recent tornadoes.
9. Are there any additional safety features (like deadbolts, fire alarms, fire extinguishers) that I could equip my home with that would make me eligible for discounts?
One of our agents can help you with these types of upgrades that could save you a lot of money in premiums.
10. Does the insurance company available for 24hr claim service? How is a claim filed? How long do I have to report a loss?
Find out your responsibilities as a home owner regarding the claims process. A quick call to one of our agents can save you a lot of problems in the event of a disaster.
At Atlanta Insurance we want everyone to be prepared and have the right amount of Atlanta home insurance and our thoughts and prayers go out to the recent victims.