Most people buy insurance the wrong way. They buy it piecemeal. They buy a little bit of this here and a little bit of that there. They buy too much in some areas and not enough in others. Then, when there is a serious claim, their insurance coverage often fails them. If your New Year's resolution for 2013 is to fix that, we have some tips that can help you accomplish it.
Homeowners insurance
Tip 1: If Hurricane Katrina wasn't reminder enough, along came Superstorm Sandy in 2012 to remind everyone that homeowners policies do not cover flooding. The policies cover those homes destroyed by fire, and homes damaged or destroyed by a storm. But they do not cover flooding. If you are exposed to any chance of severe flooding, even if you don't live anywhere near a body of water, talk to your agent about flood insurance and check out the government flood insurance website at FloodSmart.gov.
Tip 2: If you work from home even part time, you need to add an endorsement to your homeowners insurance called "incidental occupancy endorsement." Homeowners policies, besides covering your building and contents, also cover personal liability, including liability for guests injured on your home premises...Read more
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