"Expenses,
like temporary housing, transportation, clothing and food
mount. You may even lose wages. Will you be able to make your
mortgage payments?"
The
Top Ten Disaster Prevention Tips for
Homeowners
ACE Select
Markets has published a list of its "Top
Ten Tips" for homeowners on what to do to
prevent and/or mitigate the consequences when
a natural disaster strikes.
"Devastating
floods in the United States cause more than $2
billion in property damage each year,"
the bulletin noted. "Most homeowners and
business insurance policies do not cover flood
loss. Many homeowners' policies also may
exclude or do not adequately cover damages
caused by mudslides, wind, hail and other
disasters."
"Imagine
that your family is driven from your home by a
disaster like flooding, fire, mudslides or
damage caused by windstorms. Expenses, like
temporary housing, transportation, clothing
and food mount. You may even lose wages. Will
you be able to make your mortgage
payments?" asked Kimberle Kennedy, Vice
President, ACE Select Markets. "Disaster
Mortgage Protection (DMP) insurance is
designed to supplement the basic homeowner's
policy and protect those most at risk of
losing their homes should a disaster
strike."
The steps ACE
suggests are summarized as follows:
1. Be an informed consumer - understand the
terms of your policy before a disaster
strikes.
2. Ensure that you are fully covered and that
in the event of a disaster you can pay your
mortgage.
3. Know what insurance products and services
are available to you and how they are handled.
4. Purchase supplemental insurance coverage.
5. Know the hidden costs of a disaster, which
included lost income and temporary housing
expenses.
6. Understand your deductibles.
7. Know who your insurance agent or company is
and how to file a claim. Be sure you have easy
access to contact information for your
insurance agent. Keep insurance policies in a
secure location along with a list of valuable
possessions and any pertinent paperwork.
8. Keep contact information on contractors, as
their services are in high demand following a
disaster.
9. Be aware of local government agencies that
react to disasters and the scope of their
responsibilities.
10. Evaluate Your Risks. If you live in a
region in the U.S. with a known history of
hurricanes, floods, wildfires, mudslides,
tornadoes or other wind occurrences, research
your additional mortgage protection insurance
options. Take action before seasonal weather
occurrences and other disasters strike.
According to
Ms. Kennedy, the more educated homeowners are
about protecting their investment in their
homes from the costs associated with disasters
like fire, mudslides, tornadoes and floods,
the better. "Disaster Mortgage Protection
insurance is an affordable safety net that may
mean the difference between losing everything
and being able to regroup and rebuild in the
wake of disaster," she stressed.
