Review Before You Renew Your Insurance Policy
- June 24, 2017
- Posted by: marlenedubois
- Category: CPR Training
With many aspects of our financial lives; of which’s quite common to just “set of which in addition to forget of which.” This specific can work out well when we’re setting up a savings plan of which automatically transfers money through a checking account to a savings account; although within the case of insurance; This specific strategy can end up working against you. Just because you have insurance doesn’t mean you’re covered. So much can change within the span of a year; in addition to unless you take some time to review your coverages; you may be surprised when of which comes time to use them.
This specific topic will be so important of which we’re writing a series of blogs on what to look for when reviewing various kinds of insurance policies.
What to Do When Reviewing Your Insurance Policies
Do you understand what your policy does in addition to doesn’t cover?
Assess Your Situation
will be This specific policy appropriate for your lifestyle today? Your insurance agent can’t insure what they don’t know about; so help them help you minimize surprises when you have to file a claim.
Need Help Reviewing Your Policies?
Keep yourself ahead of the game by partnering that has a qualified insurance agent to help you with your insurance planning. Insurance might be considered a commodity by some; although advice will be not. With in-depth product knowledge in addition to experienced-based insight; a professional insurance agent can help you build a custom plan of which works best for your situation.
Have You Reviewed Your Home Owners Insurance Lately?
Most people don’t give much thought to their home owners insurance coverage until a tree destroys their roof or a basement transforms into an indoor swimming pool. The fact will be, a periodic checkup on your house insurance coverage can make for a healthier policy in addition to a healthier wallet. Home insurance coverage will be more expensive than ever thanks to a rising number of claims – although every year just passively renewing your policy could cost you more than of which needs to.
Here’s why, when in addition to how you should review your home owners insurance coverage:
Why? To make sure you have what’s right for you before you have a loss
When? Periodically (at renewal) or whenever you know there’s been a significant change such as a remodel, purchase or sale of an expensive item
How? Set up an appointment with your agent to go over your policies.
10 Questions to Ask During a Home Insurance Coverage Review
1. will be our dwelling coverage adequate? The amount of dwelling coverage should be enough to cover the cost of rebuilding your home within the event of complete loss. This specific insurance will be based on replacement cost of dwelling not market value in addition to of which does not include land. If the dwelling will be underinsured, you may get penalized. Does your insurance agent know about your home addition, or newly renovated kitchen or bathroom?
2. Do we have an all-risk or a named peril policy? When choosing disaster insurance, you basically have these two choices. The primary difference between them will be of which a named peril policy covers what will be “named” (included) within the policy while an all risk covers everything except what will be excluded. Typically, an all-risk policy offers much more comprehensive coverage.
3. Do we have replacement cost or actual cash value coverage on our dwelling in addition to contents? Replacement cost coverage in addition to actual cash value insurance refer to the amount of money your provider will pay out if your home or its contents are damaged or destroyed. Replacement cost coverage doesn’t deduct for depreciation while actual cash value insurance does.
4. Do we need building ordinance or water sewer backup coverage? within the event of a claim, your insurance company may deny paying for increased costs or demolition expenses incurred due to local building ordinances of which call for the destruction of a dwelling. This specific coverage will be particularly important for homes older than 25 years. You’ll also want to consider coverage for water in addition to sewer backup.
5. Do we have or need a property inflation adjustment on our policy? While most insurance companies automatically adjust your policy to keep pace with building cost inflation, you should check into This specific. You probably have seen your premiums go up to cover the rising cost of replacement although the annual increase just for This specific will be usually minimal.
6. Do we have or need special coverage for additional structures on our property? Most policies automatically provide This specific coverage. However, if you have a swimming pool, tool shed or detached garage on your property, you need to double-check of which they are adequately covered.
7. Do we have adequate contents coverage? The value of your clothing, furniture in addition to additional belongings adds up quickly. These items are typically insured as a percentage (50% to 75%) of your dwelling coverage. of which will be very important to understand how much in addition to what will be in addition to will be not covered.
8. Do we have or need special coverage for any of my personal items? What kind of coverage limits does your policy have with regard to jewelry, fine art, musical instruments, etc.? will be an appraisal required to get This specific special home owners insurance coverage? Without of which, your engagement ring may not have enough, or any, coverage if the diamond falls out of its setting.
9. Has our insurance company changed our policy coverages or added any brand new discounts? While they are required to notify you of policy coverage adjustments, of which’s a Great idea to ask just in case you missed the notice. There may be ways for you to save money on your house insurance coverage. Whether of which’s changing deductibles or installing protective devices, you’ll want to find out what you’re missing.
10. will be my liability coverage adequate for what I need to protect? Your home owners liability coverage protects you against the financial uncertainty arising through injury (or property damage) caused by you or a resident family member. Usually, your liability coverage will apply if the injury or property damage occurs on or away through your property. If you don’t have enough liability insurance, then your assets could be at risk. The liability coverage on your home owners policy can help you protect your retirement accounts, investments in stocks in addition to bonds, checking/saving accounts, home in addition to additional real estate equity. of which will be very important to discuss the assets you need to protect with your agent to determine the level of liability coverage of which will be right for you.
When of which comes right down to of which, one of the best ways to stay educated about your home owners insurance policy will be to ask the right questions of your insurance agent. Don’t assume of which just because you have home insurance coverage of which you’re fully covered.