New Mexico home owners should pay attention to their insurance coverage to ensure that they understand what it covers and in what amounts. Owners who neglect to review their home insurance to look out for the important details may discover what is not covered or is not sufficiently covered only after their homes are damaged and they need financial assistance. This is not a good time to find out what the limitations of these policies are. It is much better assess your policy in advance so that you not only know what to expect but can supplement the policy where needed to avoid coverage gaps or insufficient limits.
While reviewing a home insurance policy carefully does not guarantee that you will be fully covered in every circumstance, there are some particular considerations that New Mexico homeowners should be aware of to increase their chances of having adequate coverage after an unexpected event. Many homeowner policies cover losses caused by fire, windstorms, hail, vehicles, theft and vandalism among other perils. However, they may not cover damages that result from other common hazards. Floods and earthquakes are perils that many homeowners experience in their lifetimes, but they are not covered by standard policies. If you are located in an area that has a history of earthquakes such as Albuquerque, Bernardo, or La Joya, you may want supplemental catastrophe insurance to protect you in case another earthquake occurs. If you live in an area of New Mexico that is prone to wildfires, or are considering moving there, reviewing the impact these fires can have on your policy and its rates is essential. We can connect you to an independent agent to make sure that you don’t overlook the things most relevant to your location.