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What home and business owners need to know about insurance

What home and business owners need to know about insurance

What home and business owners need to know about insurance
News from Bangor Daily News:

For anyone who suffered serious damage from Superstorm Sandy, the following will sound like the advice to close the barn door after the horse escapes.

However, we are subject to serious storms at any time of year in Maine. So, it makes sense to heed the advice that both consumer groups and state officials gave recently and know what your homeowners’ or renter’s insurance covers before you need to file a claim.

The Consumer Federation of America has a detailed checklist that’s worth every homeowner’s time to review. Once you’ve navigated to the website ( www.consumerfed.org), look under “latest news” for the item titled “Seven Things All Homeowners Should Know About Their Home Insurance Policies.”

Here are a few of the highlights:

• Most insurers do not cover losses from earthquakes, floods or landslides. The website has links to determine if you live in a high-risk area.

• Most policies have two separate deductibles: a flat dollar deductible (usually $ 500 or $ 1,000) and a percentage of value deductible, which applies on specific damages, such as windstorms. Since coverage can vary depending on the weather event, you may be stuck with heavier out-of-pocket costs than you expected.

• Watch out…………… continues on Bangor Daily News

… Read the full article


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