Tuesday, May 16, 2006

Cover Your Assets -- With Insurance

With flood waters cresting in parts of New England, I thought it might be a good time to remind second home owners or shoppers that you need insurance on that vacation cottage every bit as much as you need it on your primary home. The Insurance Information Institute urges potential buyers to check the "availability and cost of homeowners insurance before you commit to the purchase." It makes the obvious point: the "very factors that make a vacation home seem ideal" --whether it's a waterfront property or a mountain cabin -- introduces risks, especially if "the home is likely to be vacant much of the time."

And those flood waters? "Damage to your home or belongings resulting from flood is not covered under standard" policies. But you can buy flood insurance provided by the National Flood Insurance Program (NFIP) though many private agents and brokers. Warning: it ain't cheap.

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