How are buying a new home, holidays, birthdays and engagements tied to reviewing your home-owners insurance policy?
Not updating your policy when life circumstances change is a common mistake.
When you move and buy a bigger house, the bank requires you to have more coverage for your home. But what about those extra rooms, furniture and personal belongings that fill the space?
Reasons for getting an annual policy review
If you took pictures of your belongings in the last house – it is time to take more and update your policy to cover these items.
And remember to always store these photos in another location.
This is especially important if you have a full replacement cost provision that covers your personal property in your policy.
It is wise to think about adding riders to policies after receiving any significant gift as well, or specialty insurance to cover these items.
Unfortunately many people forget to have these items covered, and without getting additional coverage your standard homeowners policy may have coverage limits for your personal property that is well below the cost to replace these items, such as:
- engagement rings
- expensive toys (bikes, etc.)
- inheriting silver or china from relatives
- or a valuable art collection
To maintain the correct amount of coverage you may need to have artwork or collectibles appraised before deciding how much insurance you will need. Most people have no idea that personal property value is often assessed at about $1-2K on standard policies.
This rarely covers most policy owners.
When it comes to getting a policy review consider using an independent agent.
In fact, the team at Bruen Deldin DiDio Associates posted a recent article the outlined three reasons for considering an independent agent for your next policy review.
Most of us are.
That’s why many people just let their homeowner policies lapse and don’t find out until it is too late.
It is a good idea to opt for auto pay on bills like this. Since most policies cancel at 12:01 on the day that they are due to be cancelled, your deadline might be the middle of the night or on a weekend.
If mortgage insurance lapses a lender may opt to cover at a higher rate and pass along that increase to you.
At the end of the day it is always a good idea to get a free insurance review.
This way you can be sure that you have the coverage you need to protect your valuables without breaking the bank.
Compare free homeowners insurance quotes and save
Are you searching for affordable home insurance?
Save time and aggravation with a free, customized, quote comparison from qualified insurance providers. It only takes a couple of minutes so why not enjoy peace of mind by getting the coverage you need.
Get your FREE, no-obligation homeowners insurance quotes today.
Or you can search through our list of homeowners insurance providers for your State or Metro area that can help you get the insurance coverage you need.
Either way the choice is yours…