About Homeowners Policy

After getting a renewal notice from your insurance provider, it’s very simple to simply keep submitting payments. In truth, your insurer is probably hoping you’ll be too preoccupied to do anything else. However, using the note as an annual prompt to review your homeowners insurance policy would be more beneficial.Do you want to learn more Does Your Homeowners Policy Cover Wind Damage?

A year is a long time, and a lot can happen in your home in that time. Maybe you’ve wanted to redecorate or build a deck in the backyard. With additions like these, it’s important to double-check that your policy provides enough coverage for your home. Make sure that all of your information (name, address, coverage number, etc.) is stated correctly each time you check your policy. When it comes to making claims, typos are possible, but your deal with your insurer is binding.

The following is a list of things to revisit each year:

Inquire with your agent if your home’s replacement value has increased. Building material costs will rise and fall with the economy, affecting the value of your home. If the value of your home rose dramatically, you wouldn’t want to keep your lower coverage limit.

After any renovations, make sure to update your policy. Your home will gain value if you instal new granite counters or hardwood flooring. If you need to make a lawsuit, you don’t want to be underinsured.

Any new high-priced acquisitions, such as a television or furniture, can be added to your policy to ensure fraud or harm coverage.

Many natural hazards are not covered by a standard homeowners policy. If you live in a flood-prone or tornado-prone area, you may want to consider buying additional coverage to protect your home from Mother Nature.

If you have a lot of guests, such as construction staff or a nanny, you should consider adding personal liability insurance to your policy to cover any incidents that occur in your home.

Inquire with your agent about any discounts your insurer can provide. For example, if you’ve added a protection system or fire sprinklers to your home that weren’t there before, you might be eligible for a safety discount. Another common choice is a multi-policy discount, also known as a package deal, for those who insure two or more lines of business with the same insurer.