For those who plan to to remodel your house, it is important to have the right type of insurance and the right amount of coverage. Insurance should be in place during and after construction. Anyone considering a remodeling project should contact an agent before the process begins. Many people must alter their coverage or add more. Waiting until the project starts or is finished can be an expensive mistake, so take the following four important steps to avoid an expensive problem.
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When you take out a mortgage, part of the agreement is that you will purchase adequate homeowners insurance coverage. Adequate coverage usually means that you are insured for the replacement of your home to 100% of replacement value or that your home has enough coverage to address the amount of the loan. While the latter may mean that the mortgage company wants enough coverage to pay the outstanding loan balance, most homeowners policies do not cover the loan amount, just the rebuilding of a home. In a nutshell, the mortgage company wants to make sure that they are protected if your home suffers an insurable loss such as fire or water damage. If you are in a flood zone, they will require you to get separate flood insurance, as regular homeowners policies exclude damage caused by flood and ground water.
When warm weather arrives, so do crooked contractors wanting to steal from homeowners. They provide bogus repairs that are not even necessary. In some cases, no work at all is done. These dishonest contractors love the warmer months when hurricanes, tornadoes, hail and severe storms are more common. After such disasters pass, they are happy to swoop in on unsuspecting homeowners who are desperate for quick repairs.
While every couple hopes their wedding day will be perfect, there are many cases each year where disasters happen. Unfortunately, most disasters become what they are because couples do not have wedding insurance. This type of coverage protects couples financially and covers their wedding arrangements against various mishaps and bad weather. Wedding insurance is affordable enough to fit into almost any couple's budget. With policy price tags starting around $125, couples planning expensive weddings cannot afford to go without coverage. Even if couples do not have to make claims against their policies, the investment is worth the peace of mind at such a hectic time.