Is It Time To Review Your Home Insurance Needs?

Is It Time To Review Your Home Insurance Needs?

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7 Tips For Every Homeowner

Homeowners insurance is certainly easy neglect. No, I don’t mean neglecting paying actual premiums, rather examining your policy on a regular basis to see if it meets your current needs.

A lot can change since you first bought your home – its value may have increased substantially (or in some markets dropped significantly), you may have made some changes to your home (added a room, for example), or your insurance needs may no longer be the same.

Does your current homeowners insurance offer the protection you need in the event of a total loss?

Does your current homeowners insurance offer the protection you need in the event of a total loss?

In any case, before you renew your current policy consider doing the following first:

1. Price Quotes – You will only know if you’re paying too much for your homeowners insurance if you call other providers for a price quote. Obtain estimates based on what coverage you need going forward; compare quotes and ask friends for their recommendations.

2. Same Company – If you have your auto insurance with one insurer and your homeowners insurance with a separate company, combining both under one provider could save you some money. Inquire with the broker if they offer a discount for multiple policies.

3. Regular Updates – If you haven’t had your policy updated in three, four or five years or more then you may need to have it updated to reflect your current needs. Maybe you didn’t update your house, but you did buy a grand piano, inherit your grandmother’s antique furniture or brought in some other items of value. Those items need to be included in your insurance coverage.

4. Replacement Value – Your insurance may only cover the cost of the items in your home based on their depreciated value. Instead, change your insurance to offer replacement value coverage for your possessions.

5. Take Inventory – Take pictures or film your home and write down what you own and its value, keeping that information in a safe place in the event of a total loss. That information can help you should you lose everything and need to show proof of what you own to your insurance adjuster.

6. Change Deductible – If you have a $500 deductible, you may be paying an exorbitant amount for your insurance coverage. Instead, consider raising your deductible to $1000 or even $2500, absorbing smaller losses yourself. Too many claims, by the way, can result in your coverage being dropped.

7. Umbrella Policy – Lots of homeowners purchase an umbrella policy to help them in the event someone is seriously injured on their property. Usually not terribly expensive and you’ll get the liability coverage you need just in case.

New Year

2010 is right around the corner; don’t let another new year go by without reviewing all of your insurance needs – life, health, dental, automotive, and home.

Adv. – Are you shopping for a new home? Visit SayHomeBuy.com to find everything you need including house listings, foreclosures, affordability tips, financing information and so much more.

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Categories: Consumer Tips

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