If you’re like most people, your home is the single biggest purchase you’ll ever make during your lifetime. Taking the time to review and thoroughly understand your flood insurance policy is a great first step to protecting your investment. Then you can have a thoughtful conversation with your agent to answer any questions you have and to update or expand coverage if needed.  
 

Examine your policy

When you receive your declarations page or at renewal time, review your current policy and ask yourself these questions:

• What exactly does my policy cover?

• Do I have any endorsements or riders that provide extra protection?

• What does my policy exclude and am I comfortable with that if I suffered a loss?

• Are there any new items I have acquired or recent events that could suggest my coverage needs to be updated or expanded?

• Are the limits on my policy enough to cover a catastrophic loss?

• Is my policy up-to-date with my current contact information and mortgage information?

Suggestion: Run through these same questions on your homeowner’s policy.
 

Talk with your insurance agent

Once you’re finished your review, contact your agent to begin a conversation. Discuss your current coverage and level of risk and ask for his/her advice on preventive measures to further protect your home, other structures, and personal property. Ask about the current replacement value of your home and when it was last evaluated. Does your policy cover replacement cost?
 
This is a great opportunity to ask for quotes to add or increase coverage, such as personal property or other coverages that are available. Aon Edge, for example, offers policies with additional coverages such as swimming pool clean-out and additional living expenses.
 
Adding or increasing coverages can have associated waiting periods, so getting started right away is the best way to safeguard your property, ensure everything is current, that coverage is adequate and in place prior to any potential claim event.
 
When you understand your policies and talk with your agent, you’ll have greater peace of mind.

_{This article is provided for general informational purposes only and is not intended to provide individualized advice.}