When I bought my Red Bank home in 2007, I got insurance from my friend John. The only time I thought about it was every September when my premium was due....and 3AM on October 22, 2015 when what was my home was a pile of ash. Let me share a ew things I learned in the next couple of weeks:
1-Make sure your policy is up to date - I had just installed new floors, windows, kitchen & bathroom, increasing the value of my home by $100,000, without thinking about the fact that I was now under insured.
2- Contents Insurance - Most people do not think that they need contents insurance. I had a $250,000 policy and it still will not be enough to replace everything I have earned throughout the years.
3-Insurance Adjusters - By 4:30AM, the day of the fire, I must have met 7 adjusters. Over 20 more approached my home in the next couple of days. Why so many? What you don't know is the your insurance company is looking to help with the lowest payout possible. My insurance company wanted to pay $.20 to the dollar to rebuild my home. The role of the insurance adjuster is to fight on your behalf to get what you need to rebuild your home. They make money on the more money they get for you. Based on a referral, I worked with Gary from GPS. He got me 100% of my policy amount.