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Do you need an insurance upgrade?

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When was the last time you actually reviewed your homeowners policy?  It is important to review your policy periodically to make sure you have proper coverage, below are some things to consider when reevaluating your insurance needs.


  1. Upgrades – Have you made upgrades to your home?  Did you remodel your kitchen or bathroom?Have you added a room, outbuilding?  Upgrading areas of your home or adding to it can substantially increase the value of your home, and the cost to replace or repair it if something happens.  Before you begin work you should check to see if you need to increase your coverage, then if something is damaged or destroyed during construction you are covered.  If you have already finished your improvements talk with your insurance agent and get the coverage updated ASAP.
  2. Home Value – Do you know what your home is worth?  The market value and the cost to replace?  The housing market went down substantially and is now on its way back up.  Be sure your insurance keeps up with the changes.  To determine a ballpark amount contact a real estate agent or the local building association for the current construction cost per square foot.  You can then use that number times the square footage in your home to get a rough estimate. 
  3. Liability – How much liability coverage do you have?  The liability coverage on your policy is what covers any accidents or injuries that happen to visitors to your home.  This may need to be increased especially if you have a new pool, hot tub or trampoline.  You can also consider getting a personal umbrella policy which gives you additional liability coverage beyond your policy.
  4. Inventory – Do you have a home inventory?  If not it is time to create one.  In an inventory you make a list of everything you own with a description of each item.  It is also important to include where you bought it, how much it cost and other details like the make, model, serial number etc.  If you have receipts it is good to keep those with your home inventory.  Once you have an inventory keep it in a safe place, such as a safe deposit box, or scan a copy and store it online, then if something happens to your home you can easily assess missing or damaged items. 
  5. New Valuables – You can list valuables on your home inventory, but some items you will want to have listed separately on your policy, such as expensive jewelry, art or guns as they may be worth more than the general limits on the policy.

If you would like a free coverage review please call our office, we would be happy to sit down with you and help you assess your insurance needs.

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