Call your agent today and ask them these important questions.
As your life changes, so do your insurance needs. Instead of just dusting around the corners of your insurance policies this year, take the time to ask your agent the following key questions:
Is my home covered for its full rebuilding cost?
Review your policy to make sure that you have enough insurance to rebuild your home. If you have made major improvements to your home, such as adding a new room, enclosing a porch or expanding a kitchen or bathroom, you risk being underinsured if you don’t adjust your homeowners insurance coverage limits.
And if you don’t yet have a separate flood insurance policy, now would be a great time to check whether or not your home is in a high-risk flood zone. You can check this at FloodSmart.Gov or reach out to your agent and he/she will be happy to help with determining your home’s flood zone. Flood damage is excluded from standard homeowners policies, so even if you are not in a high risk zone, you can benefit from preferred rates and fully protect your home.
Do I have enough coverage for expensive items?
Have you bought or received as a gift any valuable jewelry since you purchased/renewed your policy? When was the last time you had the items you owned appraised? Floaters and endorsements are priced on the appraised value of an item or collection, so it is a good idea to have periodic reappraisals done to make sure you are adequately covered.
The best way to keep track of your belongings and make sure they are adequately insured is to create a home inventory—find out how here.
Do I have enough liability insurance to fully protect my assets?
Standard homeowners and auto policies include liability coverage up to a certain amount, however, you may want to have additional protection for when those limits are exhausted. An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. If your assets have increased, you’ll have more to lose and may want to consider this extra layer of protection.
I’m taking a vacation this summer. What about travel insurance?
If you are taking an expensive, pre-paid vacation or an active vacation such as biking or hiking in an exotic location, travel insurance can help protect the financial investment in your vacation.
If I rent out my house, what type of insurance do I need?
Whether you own a second home that you plan to lease to a tenant, or want to rent out your primary residence through an online service such as Airbnb, your first step should be to call your insurance agent. Depending on the rental scenario, your standard homeowners policy may not cover losses incurred while your home is rented, and you may require a more specialized insurance policy.
Whether it’s winter, spring, summer or fall, our professionals are ready to assist you in any season of life. Contact us today to catch up or to get started!
