Why You Should Consider Reviewing Your Homeowners Insurance

Sometimes time feels like it’s passing by faster than we can catch up on. From the common day-to-day responsibilities, to the not-so-enjoyable surprises life may throw at you, homeowners insurance may be the last thing on your mind. Over time, there may be home renovations, house code changes, and rising building costs that may cause you to either overpay or become underinsured.  

Home Renovations

The foundation of your homeowners policy is called “dwelling protection.” This is the most you can receive to replace the structure of your home if it needs to be rebuilt in its entirety. Unfortunately, people who renovate their homes, may not modify their policies accordingly. Construction costs were probably more expensive back when you purchased your home, that’s especially true if you are rebuilding complex spaces such as the kitchen and bathroom. An insurance agent can help you update your policy to make sure your coverage is enough. Keep in mind most insurers won’t fully reimburse you except your home has been insured for 80% of its value or more.

Upgraded Building Codes

The older your home is the greater the probability that it won’t meet building codes. Replacement costs coverage may not include the extra expenses of meeting building code coverage. In order words, it’s good to add up building code coverage in order to meet the new requirements.

Inheriting Jewelry

Homeowners insurance policies generally have a $2,000 coverage for all the jewelry. However, experts recommend you cover your jewelry with a separate policy designed to protect not only against theft but also other things such as losing a valuable item while swimming. When the coverage is less than the value of the insured item, you can get it appraised. Sometimes even a video or a photo of the item may suffice.

Worried About Natural Disasters

Whether a tornado, wildfires, or earthquakes, these disasters are generally covered by your standard policy. However, hurricane damages, for example, may be excluded. You may need to purchase flood insurance if you live in a flood zone. Earthquake coverage may require an additional premium on your standard policy and the cost may vary based on location.

Downsized To A Condo or Rental

If you live in a condo, check with your association (HOA) as your insurance may only cover the shell of the building. Improvements or additions might be covered as well. Once you find out the type of coverage you have, make sure you purchase a condo policy that adapts to your needs.

Renters policies cover everything a homeowners policy would except for the structure. Your landlord’s policy may cover repairs, but it won’t cover your belongings. If you don’t have a renters policy, you may have to sue the landlord for damages, and that’s something people would rather avoid.

Do you want to renew your homeowners, condo, or renters insurance? We can help.


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