Periodically review your insurance needs with your agent.
You count on your independent insurance agent to guide you through the purchase of personal insurance coverage tailored to meet your needs. But after the initial purchase, how often do you re-examine your policies? Your independent agent can also help you evaluate coverage periodically as your needs change.
Review at renewal
Renewals are a great opportunity to verify that you are properly insured. When you receive your renewal information from your agent or carrier – usually several weeks prior to the policy renewal date – check your coverages to make sure they’re still appropriate to your situation. If something has changed, mention it to your agent. Read More
Make sure the insured value of your home
keeps up with your home remodeling plans.
While stuck indoors this winter, did you look around and plan any home projects? Whether you do it yourself or hire a contractor, remember to update your homeowner insurance as you increase your home’s value.
The Coverage A limit on your homeowner policy is the amount of insurance you have to reconstruct your home in the event of a total loss. All costs associated with replacing or rebuilding your home are considered when developing this Coverage A limit. When you make changes that increase the value of your home, you may also need to increase the coverage limit.
An inspection can help identify special features in your home.
Many people don’t know where to start to estimate home value when purchasing homeowner insurance. For some, the first instinct may be to insure the home based on mortgage value. Others may look at real estate market value, property tax basis or some other factor. But any of these values could be far less than the actual cost to rebuild, and that is the key consideration when buying insurance to protect against a loss.
There is no way to guarantee the cost to reconstruct your home in the event of a loss at some future date, but there are a couple of tools that can point you in the right direction. Read More
Think about coverages you may need for an older or historic home.
You may find an older home appealing because of its size, grandeur and location. But before you leap into the refurbishing trend, look at how older homes can present challenges that could increase your insurance costs.
After World War II, tract homes became the norm as the construction industry standardized materials and techniques. As a result, features found in homes constructed before 1945 became “custom.”