All Posts tagged flood insurance

Insuring Your Multi-Generational Home

Insuring Your Multi-Generational Home

Insurance Coverage Basics

Millions of Americans are living in homes with multiple generations of their family. While this may not be an uncommon situation, it may create a special situation for your home insurance policy. Knowing how to protect your home and family with the right home insurance coverage can help to ensure that you are covered from any situation that you may face.

  • Personal property coverage – with more people living in one house, it means that there will be more belongings to cover. You should consider increasing the personal property portion of your homeowners insurance policy, and updating your home inventory to make sure that you have the coverage that you deserve.
  • Dwelling coverage – if you have added on any additions to your house to better accommodate your family, you will need to increase the dwelling coverage of your homeowners insurance policy. The more square footage your home has, the more protection you will need to make sure that you will be able to rebuild your home if it is a complete loss.
  • Flood insurance – while your homeowners insurance policy will provide coverage for many perils, it will not provide any coverage for rising waters. With the recent floods all over the state, it has never been more important to make sure that you are covered with the right flood insurance policy.
  • Umbrella insurance – even if you increase all of your insurance policies, it still may not provide enough coverage. With new lawsuits filed every day, your chances of being sued for any issue continues to rise. A personal umbrella insurance policy will provide the extra liability insurance coverage that you need to protect your family and finances from any accident.

For all of your insurance coverage needs, contact  Dean Davis Insurance in Austin, Texas. As an independent insurance agency, we will work with you to make sure that all of your insurance policies are working their best for your needs.

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Do I Need Flood Insurance to Cover These Damages?

Do I Need Flood Insurance to Cover These Damages?

Homes and water simply do not mix well. Whether you experience flooding after a storm or flooding from a burst pipe, your home will not be happy, and depending on the insurance policies you hold, you may not be a happy camper either. Despite popular homeowner disbelief, your homeowners’ insurance policy has clear definitions for water damage and flood damage, which will determine your coverage.

Nearly all homeowners’ insurance policies specifically exclude coverage for flood damages that result from outside sources. Your homeowners’ insurance policy will only cover water damage, which is defined as damage from water that never sees the outdoors. Therefore, if your home floods after heavy rains, you will not receive coverage without a flood insurance policy. Depending on the magnitude of the damage, you may be left with hefty bills to repair your home.

Similarly, your homeowners’ insurance policy will have clear definitions for whether or not they cover mold damage in your home. Defining factors are similar to water damage and flood damage in that your homeowners’ insurance policy will only cover mold damage that is caused by water damage, not flood damage. However, if you failed to fix a burst pipe for 5 months which resulted in a mold invasion, your homeowners’ insurance policy will likely refuse coverage. In the event that your home experiences a mold invasion after a flood hits your neighborhood, you will not receive coverage at all.

As a homeowner, it is your responsibility to be knowledgeable in the coverage options of your homeowners’ insurance policy. If you are realizing that you may not know exactly what is covered, allow us to clear things up with a review of your current policy!

Contact Dean Davis Insurance in Austin for all of your Texas homeowners’ insurance needs. We can help ensure that you have sufficient coverage with a homeowners’ insurance policy and flood insurance policy. You can finally feel confident in your home’s safety.

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5 Common Insurance Mistakes to Avoid

5 Common Insurance Mistakes to Avoid

Unfortunately, the average American lives such a busy lifestyle that they are willing to just sign the paperwork of all insurance policies as recommended by their agent. However, in order to receive optimal peace of mind in your home, health, car, and life, you must have the right insurance policies in place. Proper coverage can mean the difference between financial ruin and smooth recovery when an accident occurs. Gathered is a list of some common insurance mistakes many people make, and how to avoid them:

  1. Many homeowners who have experienced a drop in their home’s market value think that as a result, they should mirror their homeowners’ insurance coverage. However, this can prove to be consequential. This mistake could leave you in financial ruin since your policy will no longer cover the amount it would take to rebuild after a disaster.
  2. While you may be inclined to work with any insurance company who has the best price, this may result in regret in the future. You want to find the best price, but with the right insurance provider who will be there with you through each claim and each renewal.
  3. Many homeowners fail to purchase flood insurance for a variety of reasons. Whether you think that your homeowners’ insurance policy already covers flood damage, or you feel that flood insurance is unnecessary because you live in a dry area, you will likely regret this decision once a flood arrives. Floods are known for wreaking havoc in neighborhoods that do not usually experience flood conditions.
  4. While you may think the state has put in place the minimum required auto liability insurance because it is a sufficient amount, it is likely not going to suffice. If you are involved in a multi-vehicle car accident, the minimum liability amounts will likely leave you with a hefty amount of out-of-pocket expenses.
  5. Whenever you are renting, you must purchase renters insurance. This is an inexpensive insurance policy that provides you with optimal protection from a variety of perils.

Contact Dean Davis Insurance in Austin for all of your Texas insurance needs. These very common insurance mistakes are preventable if you have the right insurance policies through Dean Davis Insurance.

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