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Released: May 31, 2011
Will your homeowners insurance cover you if disaster hits?
Source: Sandra Block, USA Today
Most people don't give much thought to their homeowners insurance policy unless a tree punches a hole in their roof or they come home from vacation to find that the basement has been transformed into an indoor swimming pool. But if your homeowners insurance claims have been limited to those types of calamities, count yourself among the fortunate. Thousands of families in Joplin, Tuscaloosa and other tornado-stricken communities have seen their homes flattened and the contents destroyed. And sadly, many of these homeowners will soon discover that their insurance won't cover all of their rebuilding costs. The good news is that typical homeowners insurance covers damage from tornadoes. Other natural disasters, such as floods and earthquakes, aren't covered under standard policies. But while 96% of homeowners have insurance, 64% of homes are undervalued for insurance purposes, according to a 2008 study by Marshall & Swift, a research firm.Read Full Article: Will your homeowners insurance cover you if disaster hits?
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