One of the most important things in home ownership is making certain you have enough insurance and the right kind of coverage. Failure to do either can leave you in the middle of the worst nightmare you can imagine!  It’s safe to assume that you, kike most homeowners already has homeowners insurance.  Most likely you obtained it when you initially bought your home.  If for no other reason, you did so because it’s a condition of your mortgage.  This will cover you in the event of fire, storm damage or personal liability to visitors in your home.  It won’t cover you in the event of flooding.  If you live in a declared flood danger zone, you should have flood insurance that specifically covers that danger.  From personal experience, I can tell you the investment is worth it if you live in an area with a history of flooding.  It’s not cheap, but then neither is paying for flood damage repairs from your own pocket.

Live in an area that is known for its seismic activity?  You may want to look into earthquake insurance.  Again, it’s not cheap by any means.  Typical deductibles on this type of coverage usually run to 15%.  That’s NOT 15% of the damage done–it’s 15% of the total value of the home!  In other words, you must have sustained substantial loss to get any insurance payment under earthquake coverage.

There are any number of other types of policies you can obtain and everyone’s situation is unique to them.  A thorough review with your insurance agent is recommended.  While you’re at it, make sure that your policy offers full reconstruction at current costs.  There’s nothing worse than thinking you have insurance only to find out the coverage is equal to the cost of the home when you acquired it and subsequent inflation has driven reconstruction up to 100% over that figure.  Again, your insurance agent can advise you.

Need any information about your home, its value or the market in general?  Just pick up the phone and tell us what you need. We’ve got over a combined half century in experience to rely on in providing you assistance and information.  As always, the numbers are: Peter: (415) 279-6466; Jane: (415) 531-4091.  Let us hear from you.  We’d be happy to help.