This article is reprinted by permission from NextAvenue.org. Ryan Parnow, general manager of Clearly Clean Window Washing in Cedar Rapids, Iowa, learned the hard way that homeowners’ insurance won’t cover everything that happens inside and outside a policyholder’s property.
The lesson began when a tree fell on his garage and completely destroyed it. “I later learned that the coverage on my garage was limited to 10% of the value of the house — which didn’t come close to covering the cost of [demolishing] and rebuilding the garage,” he says. Unfortunately, homeowners’ insurance is not all-inclusive, and according to Scott Hammersand, personal lines risk adviser at Overmyer Hall Associates, an insurance agency in Columbus, Ohio, it’s almost become completely a la carte. “Don’t let the TV commercials fool you into thinking that saving a few bucks should be your goal,” Hammersand says. It’s imperative to communicate with your agent about what is and isn’t covered by your policy, he adds. Also, know that there are different types of policies, explains Greg Martin, president of Think Safe Insurance in Brandon, Florida “Some are ‘open perils,’ which cover everything except …
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The lesson began when a tree fell on his garage and completely destroyed it. “I later learned that the coverage on my garage was limited to 10% of the value of the house — which didn’t come close to covering the cost of [demolishing] and rebuilding the garage,” he says. Unfortunately, homeowners’ insurance is not all-inclusive, and according to Scott Hammersand, personal lines risk adviser at Overmyer Hall Associates, an insurance agency in Columbus, Ohio, it’s almost become completely a la carte. “Don’t let the TV commercials fool you into thinking that saving a few bucks should be your goal,” Hammersand says. It’s imperative to communicate with your agent about what is and isn’t covered by your policy, he adds. Also, know that there are different types of policies, explains Greg Martin, president of Think Safe Insurance in Brandon, Florida “Some are ‘open perils,’ which cover everything except …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]