McQuiston: How Often Do You Review Your Homeowners Insurance?

By ALLEN MCQUISTON
The Jemez Agency
 
An annual homeowners insurance review is something most people don’t do but should.
 
Your home is one of your biggest investments and it is important to plan for the unexpected. However, when reviewing your insurance needs, please consider that cheaper insurance could leave you unprotected when you need coverage the most. Not all insurance policies are created equal. 
 
Let’s review some questions you should consider to help determine if changes might be needed to your policy.
 
Have any additions been made to your home or renovations to the property that could increase the coverage amount needed, such as finishing a basement or upgrading a kitchen or bathroom?
 
Do you plan to add any buildings, fencing, or a pool, etc. on the property?
 
Have any new, expensive items been added to the household through purchase, gifts, or the passing of family heirlooms to you?
 
Several personal property items such as jewelry, collectibles, fine arts, and guns have limitations on the amounts that would be paid if there were a claim.
 
There are options to increase these minimum limits, including ways to schedule these items on your policy so no deductible would apply.
 
Are there any new exposures in the home such as a pet or a trampoline?
 
Do you have any newly installed alarms or other loss prevention devices such as a whole-house generator, water detection system, or in-home safe? Depending on your insurance carrier, discounts might apply.
 
Do you own the home but have a significant other living with you? Do they have children that live with you?
 
As your insurance needs change, so should your insurance policy. To help identify and explain the coverages and options that are right for you, it is a wise decision to contact your insurance agent for guidance.
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