Homeowners who find their insurance policy isn’t covering losses sufficiently should take the time to review and upgrade their policies, Pachla said. Riders to cover the unexpected, like water backup or food spoilage, can be obtained at a relatively low cost. Travelers Insurance offers $5,000 of water backup coverage for $25 a year, for instance.
Higher premiums and the difficulty of obtaining insurance in certain areas only add to residents' worries about a growing property-tax problem. If they have to continually pay higher premiums to cover the higher values of their reassessed homes, many residents interviewed last week said it will only be harder for middle class families to pay to maintain a home in shore communities.
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