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PAGE 8 - MADISON MESSENGER - <strong>April</strong> 25, <strong>2021</strong><br />
www.madisonmessengernews.com<br />
Severe Weather<br />
Review insurance policy for property protection<br />
Ohio Governor Mike DeWine and Ohio Department of Insurance<br />
Director Judith L. French urge Ohioans to evaluate the adequacy of<br />
the insurance they have for their property and personal belongings,<br />
including for coverage for damage and losses caused by flooding.<br />
“Each year, it’s important to prepare for and review your insurance<br />
policies relating to severe weather,” DeWine said. “Severe<br />
weather can happen quickly, causing significant damage to your<br />
property.”<br />
Just one inch of floodwater can cause $25,000 of damage to a<br />
home, according to the Federal Emergency Management Agency.<br />
“People without adequate insurance protection risk encounter<br />
costly out-of-pocket repairs,” French said. “I encourage people to<br />
carry out an insurance review with an agent and to also reach out<br />
to the Department of Insurance with their insurance questions and<br />
concerns. We are here to help.”<br />
DeWine and French ask Ohioans do the following:<br />
• Review coverage amounts. Most standard homeowners,<br />
renters and business insurance policies generally cover rain, hail,<br />
lightning, wind and tornado damage. However, people should review<br />
if their coverage amounts reflect the value of their property<br />
and possessions. Also, review any policy exclusions.<br />
• Consider flood insurance. A standard property insurance policy<br />
typically does not include flood damage. The federal government’s<br />
National Flood Insurance Program provides most flood<br />
insurance policies. Sold by insurance agents, a 30-day waiting period<br />
applies before coverage begins. Visit www.floodsmart.gov for<br />
information. Determine if coverage for sewer or drain backup is appropriate<br />
to add to your policy.<br />
• Evaluate personal possessions coverage. Actual cash value<br />
pays the value of the item the day it was destroyed.<br />
Replacement cost coverage pays in<br />
accordance with the value of a comparable<br />
item at the current market price. Renters<br />
should consider renters insurance to protect<br />
their possessions.<br />
• Assess roof repair/replacement deductible.<br />
Most policies have a wind/hail deductible.<br />
It is either a flat dollar amount or<br />
a percentage amount based on the home’s<br />
insured amount, not the damage amount.<br />
Be clear on how much you may have to pay.<br />
• Determine after-the-fact expenses<br />
coverage. Inquire if the policy pays for such<br />
things as fire department charges, temporary<br />
repairs, debris removal, trees and<br />
shrubs, personal property storage, and certain<br />
living expenses.<br />
• Conduct a home inventory. Listing<br />
your possessions with photos and their values<br />
will prove worthwhile during claim filing.<br />
It will also help determine if you have<br />
adequate amounts of insurance. Download<br />
a free home inventory app or print out an<br />
inventory checklist available online at<br />
www.insurance.ohio.gov.<br />
For more tips and insights, review the<br />
Ohio Department of Insurance severe<br />
weather preparation and recovery toolkit on<br />
its website. The department's insurance experts<br />
at 1-800-686-1526 or consumer.complaint@insurance.ohio.gov<br />
can answer<br />
questions. The Ohio Committee for Severe<br />
Weather Awareness website, www.weathersafety.ohio.gov,<br />
contains valuable safety<br />
information.<br />
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Take time periodically to evaluate the adequacy of the insurance you have for your property<br />
and personal belongings. It could save substantial out-of-pocket costs in cases of<br />
damage caused by severe weather.