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If a natural disaster strikes, are you covered?


A survey by the National Association of Insurance Commissioners (NAIC) found that 33 percent of homeowners think flood damage is covered by the standard homeowners' insurance policy, despite all the press of those claims being denied for victims of Hurricane Katrina.


The NAIC also found that 51 percent think damage from a water line break is covered, 35 percent think their policy covers earthquakes, and 34 percent think mold is covered. The sad reality is that none of those are covered in a standard policy.


The survey also found that 24 percent of homeowners' policies only cover the home's actual cash value, not the preferable replacement value of the home.


Do you know what your homeowners' insurance policy covers? As the new year approaches, now would be a good time to review your policy and make any adjustments needed.


-By Trista Acker, CPA, CFP (Dublin office)


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