Ah, summer’s here! It’s time for some well-deserved rest and relaxation. You might be thinking about going on a summer vacation with your family, or maybe you’re planning on having a stay-cation at home. Either way, summer is a good time to give your insurance policy a check-up. When was the last time you really looked at your policy? Is everything up-to-date? Do you have all of the coverage you need? Do any changes need to be made to your policy?
If the answers to any of these questions are “errr…,” you might want to consider taking a look at your policy. When it comes to “insurance speak” and policies, it might be hard to know where to start. There’s a lot of policy to cover. But not to worry – we’re not throwing you to the wolves! We’ve got a few things about your policy that you can check on to make sure that it’s in good health.
1. Are your home and auto insurance bundled together?
Bundling your home and auto insurance policies together is a great way to save money on your insurance. There’s often a discount if you get your home and auto insurance from the same agency, so you should ask your agent if this might work for you.
2. Have you done a home inventory?
Home inventories are important for your home insurance for lots of reasons. If something happened to your home and you needed to file a claim, your inventory would help you know exactly what needs to be replaced by your insurance. Taking a home inventory also tells you if you have enough coverage for your home and your belongings, which is a must for your insurance check-up. You can either take your inventory by hand or consider storing it online.
3. Have you had your valuables appraised?
When was the last time you had a professional take a look at your valuables to appraise what they’re worth? Markets change, so your valuables like art, jewelry, heirlooms, and furs might not be worth the same amount that they were five years ago. It’s important to make sure that your coverage fits the items you want to protect. You don’t want to be overinsuring or underinsuring your valuables.
One tip for getting valuables appraised – make sure you go to someone who has plenty of experience dealing with the specific type of item you need to have appraised. Someone who specializes in rare sports memorabilia might not be the best person to appraise an expensive piece of art that’s been passed through your family.
Oh, and one more tip – include any paperwork or receipts you get from the appraiser with your home inventory.
4. Have you told your agent about any remodeling/renovations you’ve done to your home?
Remodeling and renovations can change the value of your home, so it’s important that you check to make sure that you still have enough coverage. Your agent needs to know about anything that could impact the value of your house. Even adding marble countertops is something that could affect your insurance needs.
5. Do you have enough coverage to rebuild your home?
Your home needs to be insured for its replacement cost. When it comes to home insurance, you need to make sure that you have enough coverage to rebuild your home from the ground up if it were destroyed by a fire.
6. Do you have the endorsements you need?
Your typical homeowners policy doesn’t cover certain things. Flooding, earthquakes, and sewage system backup are some examples of things that are not usually covered by a standard homeowners policy. To make sure that your home and belongings are completely protected, you might need to add endorsements – additional sections that adjust the coverage – to your insurance policy.
For example, if you live in an area that’s prone to earthquakes, you might want to add an earthquake endorsement. If you have fine art or other valuables, you’ll want to add an endorsement or a floater policy to make sure these things are covered. A floater policy basically covers individual valuables and makes sure that they’re protected from loss.
By reviewing your policy and figuring out what it does and does not cover, you can make sure that you have the coverage you want for your belongings and your home. Remember, it’s better to be safe than sorry. Make sure that you have the coverage and protection you need.
7. Are you taking advantage of all the discounts you qualify for?
Home insurance companies often offer different discounts, like if you’ve bundled your home and auto insurance or if you have a home security system. Are you getting all the discounts you qualify for? Has anything changed recently that could help you qualify for a discount? You never know what additional savings you could find just by asking about discounts.
8. Do you have an emergency disaster kit?
While this one isn’t strictly related to your insurance coverage, it’s still something that’s very important for your family’s safety. Although we sincerely hope you never have to weather a natural disaster and that you never need a disaster kit, it’s a good idea to have one ready to go just in case.
9. Is your pool covered?
If you have a pool, you need to make sure that your insurance covers it completely. Are you protected from all of the new risks that a pool presents?
10. Have you had any big lifestyle changes?
When there are changes to your family or lifestyle, such as getting married, it can impact your insurance because there are new belongings to take into account. Whenever there are significant changes to your household and its contents it’s definitely worth letting your agent know.
It’s important to know exactly what all that fine print and small type on your policy say, even though it might mean digging out your magnifying glass! Your policy should be kept up-to-date to make sure that you’re protected from any risks that could befall you. Your home insurance should also be able to handle the cost of completely rebuilding your home. Make sure that you’ve got all the coverages you need and that all your ducks are in a row. You never know what you might find that needs to be tweaked, added, or changed.
If you’re looking for a free homeowners insurance quote, we can help you with that! We love getting people free quotes and seeing how much we can save them on their home insurance. We can help you walk through your policy and figure out what coverages are right for you.