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Is Your Home Properly Insured? Here's How You Can Avoid a Retirement Disaster

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Do you live an area vulnerable to hurricanes and other natural disasters? Are you a retiree looking to cuts costs? Did you happen to build an addition to your home in recent years and not tell your insurance company?

If so, you really ought to review if there are any gaps in your homeowner's insurance policy. Why so? Because there are certain types of property and casualty coverages that are commonly overlooked by families in the U.S., according to Patti Clement of HUB International Personal Insurance.

Homeowners Insurance Checklist

Check whether your homeowner's insurance policy has guaranteed replacement cost (that's the cost to rebuild your house) or extended replacement cost,

Check if you have a HO-5 or HO-3 policy?

Check what flood zone you're in. (Everyone lives in one says Clement, who spoke recently at an AICPA conference. It's just a matter of whether you live in a preferred zone or a catastrophic zone.)

Speaking of floods, check your mold limitations and purchase additional coverage if need be. And while you're at, check if you have something called an all-risk policy. That would come in handy if ever you have a backup of sewers, drains and sump pumps.

Also, especially in light of the recent Capital One data breach, check whether you should add cyber liability insurance.

By the way, 29.1% of the total U.S. population - about 94.7 million people - lived in coastline counties in 2017 about 60.2 million people lived in the Atlantic and Gulf of Mexico regions - those most vulnerable to hurricanes. Read this Census Bureau report.

For more on this and other retirement-related topics, read TheStreet's retirement section and subscribe to Retirement Daily, which publishes articles and commentary designed to help everyone plan for and live in retirement. Get more information and sign up for a free trial subscription to TheStreet's Retirement Daily.

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