Maybe you’ve updated the kitchen or welcomed a pet since moving into your home? Now is a great time to review your homeowner policy to make sure it meets your current needs.
Below is a quick list of recommendations to ensure you have the right coverage in place. These items are good to keep in mind as you review your policy:
1. Select a strong insurer: Fast, fair claim service is a must when it comes to homeowner coverage. Ask about the company that will be covering you.
2. Don’t guess at your coverage: The cost of rebuilding your home might exceed your estimate. Make sure you get a current expert estimate.
3. Don’t under-insure your possessions: Saving a few dollars up front could cost you a significant amount of money at a time of loss.
4. Always opt for replacement value: Unless you insure for the replacement cost of household possessions you will be paid only the purchase price, less depreciation, for items burned or stolen.
5. Choose an appropriate deductible: A higher deductible can often lower your premium ($500 is often standard but $1000 is affordable for many homeowners). Consider what level deductible is appropriate for you.
6. Schedule Art, Furs, Antiques, and Collectibles: Make sure your valuables are separately “scheduled” for their true worth to avoid valuation issues after a loss.
7. Make sure you get available credits: Many policies offer discounts for burglar alarm systems, proximity to fire stations and hydrants, proper smoke alarms, and more.
8. Check our coverage for “living expenses”: In the event of a fire or other damage to your home, your policy should provide adequate payment for alternate lodging if needed.
9. Find out about excess liability: Don’t take basic liability coverage for granted, especially if you have “attractive hazards” such as a swimming pool or pet.
10. Explore options for flood insurance: If your home is in a coastal area and/or a flood zone, there may be several options available for flood insurance coverage.
Since your home and its contents are often our most valuable asset, it’s important to take the time and make sure you have it properly protected. Our team is always happy to assist at your convenience.
File: Home Insurance Southcoast, Home Insurance New Bedford