Do I Need Flood Insurance on My Warwick Home?

Living in the Warwick, RI area can be a great option for a lot of people. When you are here, you are going to have access to many different local amenities and a good economy. When you are going to live in the Warwick area, it is important that you properly insure your home. One form of insurance that may be beneficial is flood insurance. There are several situations when having flood insurance could be a necessity.

Lender Requirement

One situation when you are going to need to have flood insurance is if it is required by your lender. If you are in a high-risk zone, as determined by FEMA, your lender will almost always require that you have your home insured with flood insurance. Usually, you will also have to escrow for your payments monthly to ensure coverage does not lapse. 

Flood Not Covered by Home Insurance

You may also need to get flood insurance if the flood damage is not covered by your home insurance. If you are concerned about the risk of flood, even if you are in a low-risk area, you should check to see if it is covered by your home insurance policy. If that coverage is limited, you should still consider getting more flood insurance. 

If you are in the market for a flood insurance policy, it is a good idea to speak with someone that is experienced in helping those in the Warwick, RI area to get proper insurance. One great company to reach out to in this situation is The Slocum Agency Inc. At The Slocum Agency Inc., the team of insurance professionals can help you to identify your personal risks and determine if flood insurance is necessary. If it is, they can then get you into a policy that provides the right coverage and gives you peace of mind. 

3 Little-Known Issues Often Covered By Homeowner’s Insurance

Most homeowners fully understand the value of homeowner’s insurance in the event of a disaster, such as a fire, tornado, or hail. However, certain things can take place in your Warwick, RI home that could be covered by your homeowner’s insurance policy and you may not even know that they are covered. Take a look at three little-known issues often covered by The Slocum Agency, Inc. homeowner’s insurance policies.

Damage to Your Neighbor’s Property 

A limb falls from a tree in your yard and damages the neighboring home’s window. Before you get out your wallet to pay for repairs, make sure you file a claim with your homeowner’s insurance. Most homeowner’s insurance policies do cover damages to neighboring properties if the damage was your fault or caused by something on your property. 

Injuries Someone Sustains While On Your Property

Say you are having a backyard get-together and a relative trip on the patio and falls down the stairs. Legally, you can be held responsible for their injuries, and most homeowner’s insurance covers a certain level of property liability if you have elected that as an option when building your policy. 

Damages to Appliances During a Storm

If lightning hits your home and sends a power surge through the outlets, it can damage everything from your expensive television to your smart refrigerator. Most homeowners assume there is nothing they can do but go out and replace the damaged items or pay for repairs, but it’s possible that homeowner’s insurance will pick up the tab. 

Overall, the homeowner’s insurance policy you have in Warwick, RI could cover more than you know. Reach out to The Slocum Agency, Inc. for more information about obtaining the proper coverage for your home. 

Do I Need to Create a Home Inventory?

Warwick, RI residents are not required by law to purchase homeowners insurance, but many lenders will require that their customers do so. It is also common for people without mortgages to obtain coverage, because it will offer indemnification in many circumstances and will serve to protect financial assets. Part of good fiscal planning involves the creation of a home inventory, and we will discuss this at more length. 

Home Inventory Basics

A home inventory will make things easier for you and your insurance company in the event that you have to file a claim, and it will help the process go faster. It is important to keep this list as up-to-date as possible because this tool can help insurance adjusters accurately identify items that have been damaged or destroyed. A home inventory can also aid in filing property tax reports involving personal property losses, making it an essential part of every homeowner’s record keeping. 

It is best to take photographs of everything you own, documenting entire rooms and taking care to focus on specific items that are of high value, such as pieces of jewelry, artwork, tools, and expensive equipment. Make a list on paper or on a spreadsheet of all your belongings, room by room. It is vital that you videotape your items and that you keep the footage on your computer and on a backup drive. You will want to keep copies of your photos, lists, and film in a separate location, such as a safety deposit box. 

Talk to the Slocum Agency, Inc.

We at the Slocum Agency, Inc. can answer your questions regarding homeowners insurance, and we will be glad to offer you a quote. We have experience serving the Warwick, RI area, and we look forward to working with you. Contact us, and speak to one of our knowledgeable and friendly agents today!