Ever had a shingle fall while a tornado is lifting up your home? No? Bet you assumed both of those occurrences were covered by your homeowner’s insurance. We bet you didn’t know only one of those is covered. It’s not the tornado, in case you were wondering. Your roof’s shingle, though, is fully covered. Honestly, your home’s homeowner’s insurance policy does not cover all of mother nature’s mood swings or furies. The best advice is to go over your policy twice a year. Reviewing your coverages is always best before a covered peril has the potential to happen, and that there are no gaps. Knowing that hurricane season runs from June 1 to November 1 will help you set time to review your policy before. This is also especially important if you live in a flood zone and have to review your flood coverage. A few things you need to think about when reviewing your coverages: Understand your coverages and the deductibles, which generally range from 1-5%, with a minimum of $500. This means that if your home is insured at $250,000 your 2% deductible is $5,000 out of pocket for any damage incurred in a covered peril. This will mean you need to have that amount saved to cover your deductible in a “covered peril”. Yeah, your mom’s “emergency fund” doesn’t look so foolish after doing the math, does it?
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