Ask the Expert

Home insurance

Q: The recent disasters have got us thinking: What should we be doing now to protect our property? What insurance steps should we take (such as re-evaluating our current insurance plans)?

Your home is your greatest investment, and your family your greatest priority, so making sure they are protected should disaster hit is of utmost importance. Some insurance policies may cover natural disasters, but ensuring coverage for all possible occurrences is essential for peace of mind. When determining if your home and family are protected, and what type of disaster insurance you need, know what your policy covers.

Homeowners are surprised to learn that their current home policies do not cover natural disasters. Some home insurance policies cover flood and earthquake, but with a basic policy, odds are you are not covered. Disaster insurance can be costly, but you can find out which disaster insurance is best for you depending on location, your financial situation and comfort level.

Depending on where you live, risks vary with potential natural disasters. In the last frontier, you don’t worry about tornadoes, but perhaps earthquake damage is a real possibility.

In terms of cost, there are usually larger deductibles for disaster insurance, but considering the possibility of your home being destroyed by a disaster, this may put a high deductible into perspective.

Lastly, everyone has different comfort levels. The odds that your home may be affected may be low, but knowing your actual risk and your ability to handle a disaster, is critical for peace of mind. Insurance reduces stress; if the risk is uncomfortably high, then better insurance is worth the price.

Determining insurance needs depends on several variables, and the advice of an expert can make the decision easier. Simply seek out a professional you trust and start asking some questions.

Faunus M. Doney, BSc., D.D, is an Insurance Agent and Estate Planning Specialist with Affinity Advisory Network LLC in Palmer.