One of the most important things is determining precisely how much insurance coverage you need. To do that, you need to know the actual value of your home. If your home is damaged or destroyed, you need to know what it will cost to replace the entire structure. A home builder or assessment company can help provide the truest value.

This is not a time to guess. Your home is your biggest asset and you need to be sure you receive the fairest value in your insurance policy coverage.

A typical policy will pay for damage to your property and your possessions in the event of certain storms, fire, theft or vandalism. It also provides liability coverage if someone gets hurt on your property and decides to sue. DTRIC’s Homeowner insurance provides coverage for Additional Living Expenses if the home is not fit to live in because of a covered loss.

Homeowner’s insurance provides for coverage of personal property (with some exclusions) due to a loss. Depending on the item, there may be special limits that apply.

In Hawaii, separate policy coverage is needed for damage from hurricanes or flooding in low-lying areas. A standard policy may also exclude earth movements (landslides, earthquakes, sinkholes), power failure, war, nuclear hazard, government action, faulty zoning, bad repair or workmanship, or defective maintenance.

The last thing you should be doing in the face of a disaster is scrambling to get the right people on the phone, and instructions on how to do things. The quicker you move on your claim, the more quickly you can be compensated for your losses and/or get funds to pay for any displacement you may experience.

Insurance companies base your policy premium on how much risk they foresee, so you can reduce that premium by reducing your liability risk through preventive measures. Insurance companies would rather pay as little as possible to repair damage, so they encourage early detection and prevention.
Here are some things that might earn you a discount:

• Home burglary alarm system
• Deadbolt locks
• Fire alarms and sprinklers

Homeowners must document everything that occurs during a loss, as much as possible to maximize your compensation.

In addition to saving receipts, contracts and appraisals, document phone calls by writing down who you spoke to and when. Keep detailed records in a safe place. This includes an electronic version on a laptop computer, flash drive or the iCloud in case hard copies of your files are lost or damaged.