Myrtle Beach Wildfire is a Wake-Up Call for Homeowners to Check Insurance Coverage

The wildfire that destroyed at least 75 homes and damaged dozens more is a reminder that homeowners need to know what their insurance policy covers and how to prepare for the claims process before disaster strikes. This is particularly important as the Atlantic hurricane season begins June 1.

“Now is the time to ensure you have the insurance protection you need to rebuild your home and replace your personal belongings,” says Allison Dean Love, executive director of the South Carolina Insurance News Service, “You don’t want to be agonizing over your insurance coverage when hurricane force winds are blowing or when flames are at your door.”

The South Carolina Insurance News Service offers these tips for homeowners to ensure they have proper insurance coverage:

• Conduct an annual insurance checkup. Many people don’t think about their insurance until they need it. Understanding what is and isn’t covered in your homeowner’s insurance policy offers peace of mind in understanding how your insurance company will assist in rebuilding your home and replacing your personal belongings after they are damaged or lost. Homeowners should check with their insurance agent to ensure that their policy coverage limits are in keeping with local building costs and have their coverage adjusted to include home remodeling and additions. If you don’t have replacement coverage, consider spending a few extra dollars for coverage that pays for the cost of replacing the damaged property without deduction for depreciation.

• Create a home inventory. Make a home inventory that includes lists, pictures or a videotape of the contents of your home to help you remember all the possessions you've accumulated over the years if they are destroyed. Having an up-to-date home inventory will help get your insurance claim settled faster, verify losses for your income tax return and help you purchase the correct amount of insurance. Free downloadable home inventory software is available at www.scinsurance.net by clicking on the icon marked “DOWNLOAD home inventory software.”

• Know what is covered by your policy…and what is not. A typical homeowner insurance policy covers damage resulting from fire, windstorm, hail, water damage (excluding flooding), riots and explosion as well as other causes of loss, such as theft and the extra cost of living elsewhere while the structure is being repaired or rebuilt. Talk to your insurance agent about purchasing a separate flood or earthquake policy. If you live along the coast, you may need as many as six or seven different insurance policies to guarantee that your home is fully covered.

· Be prepared to evacuate. If you have to evacuate or cannot live in your home while it is being rebuilt or repaired, you may have coverage available for out-of-pocket living expenses. Contact your insurance agent or company to let them know where you are staying and maintain records and receipts for hotel rooms, meals, etc.



For more information, visit the South Carolina Insurance News Service on the Web at www.scinsurance.net.