So many things have been in turmoil in the housing industry, and insurance coverage is no exception.
The lackluster housing industry has caused havoc almost everywhere, including what insurance you may need for your home.
Many neighborhoods have become ghost towns of empty and foreclosed homes, inviting squatters and mischief makers to make targets of these properties. If your home happens to be next to one of these homes or across the street, your home may become an unwitting target, too.
Then, there is the fire hazard. An unattended home is always a candidate for a fire since no one is there, no alarm systems are connected, and no one is paying much attention to the property. If a fire starts in a home next door to you, can you say with confidence your home will be properly protected?
Don’t forget about townhomes and condominium complexes. If you’re in a block of attached townhomes and there are empty residences, the chances of you having a problem go up dramatically. Many condominium associations are struggling to keep their heads above water with a dramatic decrease in annual fee income because of vacant units. If your condominium association doesn’t have complete coverage, you may need extra coverage for your unit.
A frazzled economy is always an opportunity for mayhem from almost any direction. Now is the time to thoroughly and completely review your homeowner insurance coverage to make sure you are fully covered for any new eventuality which has cropped up because of a bad housing market. Fidelity Insurance Group has the knowledge and resources to sit down with you and help you discover exactly what coverage you have, and what additional coverage you may need.
And, finally, many homeowners are woefully finding out the value of their home has dropped dramatically, often even below what the county property appraiser has established for the appraised value for a year. This is a new development for many, because the county property appraiser is often already a historically low appraisal. But, with home prices plummeting in even the best of neighborhoods, those numbers are no longer valid. Ask Fidelity Insurance Group if your coverage is appropriate for your home and its current value; you need to make sure the replacement cost of your home is reflected in your insurance coverage, versus the appraised value.