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This is the time to make sure you have the right insurance coverage. June and July are historically the months when Mother Nature’s wrath hits Colorado with full force.  Six of the state’s top ten most expensive storms have occurred in June and July -- the majority being multi-million dollar hail and wind storms.  In addition with temperatures heating up, the big melt in Colorado’s high country sets the stage for rising flood waters.  The Rocky Mountain Insurance Information Association recommends that you take these steps to be prepared;

DO AN ANNUAL INSURANCE CHECK-UP

Insurance is something most people don't even want to think about until they need it the most. But, understanding what is and isn't covered in your homeowners’ insurance policy can mean the difference of being able to rebuild your home and replace your personal belongings. Homeowners need to do annual insurance policy "check-ups" to make sure they keep up with local building costs and have adjusted their coverage 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.

KNOW WHAT IS & ISN'T COVERED

The typical homeowners’ 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. Hail and flood damage to your car is covered only if you have purchased optional comprehensive insurance on your auto policy. 

A standard home or business insurance policy does not cover flooding, so you may want to look into flood insurance coverage if you're concerned that you're at risk for rising floodwaters. 

CREATE A HOME INVENTORY 

Make a home inventory that includes lists, pictures or a videotape of the contents of your home or apartment. After all, would you be able to remember all the possessions you've accumulated over the years if they were destroyed by a tornado or fire? 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. 

It’s easy to get overwhelmed, but RMIIA has free software that you can download to help simplify the process! You can even add digital photos and scan in receipts, along with your room-by-room online inventory.

Free home inventory software or a sample home inventory: http://www.rmiia.org/Homeowners/Walking_Through_Your_Policy/Home_Inventory.asp 

Courtesy KDVR.com

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