Study the renewal offer made by your insurance company. Does it look accurate? Review the address, the Dwelling Value (this is the cost the insurance company thinks it would take to re-build your home if there was a catastrophic loss- it doesn’t include, land, driveway or basement). Maybe better yet, ask us to review it for you! Call and schedule a personal insurance review.
Is there adequate coverage for Personal Property, also known as your “stuff”- clothes, furniture, electronics, art… in the past year have you purchased valuable jewelry, artwork or musical instruments? If so they can either be scheduled on your home policy or written on a standalone jewelry policy (usually a less expensive option too).
Your Personal Property, is it insured with Replacement Cost Value or Actual Cash Value? It’s important if you ever have a loss- replacement cost would cover a new, like kind and quality rug, desk or couch while actual cast value would only cover the depreciated value. There can be a huge difference in these values.
Have you made any interior or exterior updates to your home? Added a pool, shed or cabana or expanded with a three-season porch? If yes, you should discuss with us to make sure you have them covered.
Have you added any smart home devices in the past year? Security systems for water, fire and theft can create discounts for your policy.
Did you get a new pet in the past year? Most dog breeds are not a challenge for a homeowner policy, but some are. Dog bites represent the single largest cause of homeowner liability claims- and different insurance companies have different lists of ineligible breeds.
Most policies include an inflation adjustment automatically. It’s used to try to keep your home’s value current, taking inflation into account. Sometimes though these automatic increases can outstrip actual inflation and homes become over-insured. Look at the percentage your company uses, they can vary from 0% to 12%, or call us to discuss.
Most homeowners use a typical deductible of $1000. But depending on your circumstances, you may want to look at higher deductible options. $2500, $5000, $10,000 or $25,000 options with their lower annual premiums are more common than your may realize.
