The end of the year is often a time when you spend the holidays with family and reflect on the year ahead. It’s not uncommon to hear people pledging to exercise more and eat healthier, or spend more time doing the things they love. This time of year, however, it is also important for homeowners to ask themselves, “Are my home and belongings still adequately protected?”
I have insurance… What is there to review?
Many homeowners buy insurance for their home when they first purchase, then they “set it and forget it,” neglecting to review it periodically. This oversight often leads to a gap in coverage, and can be a real setback should something happen to your home.
For example if you insure your home for $250,000 when you buy it, and a decade later it would cost you $350,000 to rebuild, there would be a $100,000 gap in your coverage should the unthinkable happen.
Another reason to review your policy is in the event that your home has gone through a renovation, upgrade, or even if you’ve purchased new furniture. All of these things can increase the value of your home and leave your old policy lacking.
Be sure to take an inventory of your home and belongings before you meet with your agent so he or she can help you adequately insure your home and the items in it.
Do I need to prepare anything before meeting with my agent?
Meeting with your insurance agent doesn’t have to be a long meeting, if you come prepared. Be sure to take inventory of the items that are in your home: furniture, jewelry, appliances, etc. Also be sure to bring a list of any updates or renovations that have been done on your home since your policy was purchased. Finally, come to the meeting with a set of questions to ask your agent. Here are some examples:
What type of coverage do I have, and is the coverage on my home and its contents adequate? Is it too much?
Is my premium as low as I can expect it to be? What is my deductible, and are there additional discounts available?
Are there any losses – like flood or earthquake – I need to worry about that are not covered in my current policy?
Has anything changed in my coverage in the last year?
Your home is likely your biggest investment. Much like the maintenance you perform on your home, an annual policy review can go a long way in protecting your family and your investment. If you would like to review your current policy, or are in need of one for your new home, please call us at 530-674-3430 today to set up an appointment.