When you purchased your home, you likely purchased homeowners insurance at the same time; and if you are like most homeowners, you have not thought about it since. Here are some questions to discuss with your independent insurance agent to make sure your policy fits your current needs.
Let’s take a quick look at the contents of your home. Have you added a big-ticket item that may need to be listed separately in your policy? Do you have documentation and/or photos of the large ticket items in your home in case you ever need to replace them? Discussing and documenting big-ticket items before a crisis happens will make filing a claim much less stressful, should the need ever arise.
Have you remodeled, added an addition or upgraded? Did you add any outdoor structures such as a new garage, gazebo, hot tub or garden shed that need to be added to the policy? What are the limits on your policy and do they now cover the cost to rebuild? A remodel or addition to your home can significantly impact the value and cost to rebuild the structure. Significant changes to your home should be discussed with your agent so your policy is not underinsuring your needs.
If you do need to file a claim, what is your deductible? Does your deductible need to be raised or lowered? Be sure to check with your mortgage company before raising your deductible. Many mortgage companies have a limit on how high your insurance deductible can be.
If you have an emergency, who would you call? In an emergency, people do not always have the wherewithal to remember who to call. Consider adding your insurance emergency number to your phone’s contact list. Hopefully you will never need it but if you do, it will be readily available.
Is there a multiple line discount available if you add your vehicle or life insurance? Have you added a home security or home monitoring system? Is there a discount for that? There are many discounts that you may want to ask your agent about.
The best time to review your insurance needs is before you need to use your coverage. No one likes finding out that their insurance policy was not a good fit in a stressful situation. By taking a few minutes to review your current insurance needs, you can mitigate future headaches.