Do You Winterize Your Home?

November 14, 2006 | By: | Comments (0) | Posted in: Homeowners

Winter officially begins on December 21, but shorter days and dropping temperatures have already started. Simply ask residents of Buffalo, New York who witnessed an unseasonably early snowfall in mid-October. Interestingly, meteorologists at the NOAA Climate Prediction Center expect a winter that is 8% cooler than last year’s. Although the outlook does not warn of disaster-like conditions, history has demonstrated that even normal seasonal rains, snowfall, ice and winds can devastate homes. Autumn is the time for home owners to winterize their homes and prepare for the imminent elements of winter that threaten both the safety and value of homes.

Winterizing a home begins with protecting against freezing temperatures. Heating systems, including fireplaces, wood-burning stoves, and furnaces should receive their annual servicing to ensure reliability and safety. Ideally, these heating systems should keep the home’s internal temperature above 65 degrees to conserve the energy required to maintain livable comfort and prevent water pipes from freezing.

For water pipes that are not naturally protected by the home’s insulated walls (e.g. garage, outside sprinklers), owners should protect the pipes with either heating tape or insulating foam, which are both readily available at most hardware stores. To keep cold air or moisture outside, weather stripping and caulking should also be checked around any structural openings including doors, windows, and faucets.

The Insurance Information Institute reports that water damage and freezing account for approximately 17% of all homeowners insurance claims, while wind and hail account for close to 50%. The average claim for water damage and freezing is $5,095. Standard homeowners insurance policies protect homes against most types of damage caused by freezing, such as a water pipe bursting, or in situations where ice forms in a rain gutter and causes water to backup and seep into the house. Most importantly, home owners must understand that most homeowners insurance policies do not cover against flooding. Unfortunately, many learned too late after their homes were destroyed by the floods that followed Hurricane Katrina. Home owners should consider a separate flood insurance policy to complement their protection, depending on their proximity to possible flooding, because even flood damage caused by storm drain backups are a separate and extra endorsement to a standard policy.

Regardless of the season, the most common mistake people make with regards to their homeowners policy is to undervalue their home and possessions. In fact, experts estimate that 60% of homes in the U.S. are not adequately insured to cover their full replacement cost value. Remember, the full replacement cost value is how much it would cost to rebuild the house on the land it sits on now — not the value for which you could sell your house today. Be sure to also report any recent home improvements to your insurance agent and keep an up-to-date home inventory list so that you can accurately adjust your coverage to protect these items.

Winterizing your home is a convenient time to perform an annual review of your homeowners insurance policy to ensure adequate coverage levels, and to identify any potential discounts. If you have any questions about what is covered in your policy, take the time to contact your homeowners insurance company or agent. And always remember that you may be able to save a significant amount of money by shopping for new coverage as rates are always changing.

* To find out more about the NOAA Climate Prediction Center winter report visit http://www.noaa.go

 

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