When it comes to preparing for the worst, it’s always better to get it done sooner rather than later. You should always have enough food and water to ride out a big storm. Without question, you should always have batteries in all your smoke detectors. And you should always have insurance that covers your family for the situations no one expected. It may be hard to think about, but personal property insurance is an essential part of weathering the “storms” life can throw your way. Without proper coverage, you could be looking at big costs and no financial lifeline.
We all want to avoid an insurance disaster after a natural disaster, so let’s talk to an estate appraiser in Maryland about how best to be prepared.
Examine your existing policy
The first step to preparing for any emergency situation is knowing what resources you already have in place—this goes for your insurance, too. Does your homeowner’s policy cover flooding? Does it have a provision to address earthquakes? What exactly are you covered for?
While you may be surprised to find that you are better protected than you thought, you may also learn that there are substantial gaps in your coverage that leave you vulnerable to financial ruin. It is advisable that an insurance or legal professional review these documents to look for any weak spots. Contact an experienced estate appraiser in Maryland today to ensure your possessions are included in your existing policy.
Know the risks for your area
There is no real reason for you to buy an insurance policy to protect against the costs associated with natural flood disasters if you live on the 15th floor of a high-rise. But you may want to look into policies that protect your belongings from water damage associated with internal dangers—like flooding from your upstairs neighbor’s six-year-old who likes to leave the sink running.
Similarly, if you live along the coast, are your valuables covered in the event of hurricane damage? Knowing what you are up against is key to being covered for it. A professional appraiser will not only be able to tell you what you should be considering, but they can also tell you what their other customers have done to prepare.
Have someone check your work
Now that you have done your homework, have a legal professional look for any missed spots. Maybe you thought, in reading all the legalese in your policy, that your possessions are covered for everything up to and including dragon attacks—but you may have missed an obscure section or misunderstood the terms. Part of being prepared physically and insurance-wise is knowing when to ask for help. Talk with someone who has seen it all and can spot the vulnerabilities in the plans you have made for your estate. You’ll be glad you did!
Peace of mind is an important feeling to have, so make sure everything is in order by keeping the proper insurance coverage for your prized possessions. While natural disasters are unpredictable, your estate insurance policy does not have to be. Contact Jane Campbell-Chambliss & Associates, LLC to start working with a professional estate appraiser in Maryland.