Yesterday my homeowner's insurance notice came n the mail telling me that it will soon be time for me to renew my annual policy. I pay about $1000 per year for my policy, which to some may seem like a lot and to others like a drop in the bucket.
I had initially called today to see if I could increase my basement water backup rider. I only have $5000 for this whereas some people I know have $25,000. I told the agent that I was seriously considering talking to another company because I think I need better coverage and I think my policy is a bit steep.
And then it dawned me that my home is no longer worth what it used to be worth. So I asked my agent,"Is your company making adjustments to policies considering the declining real estate values?" And she said "Yes we are".
She is going to review my policy which may or may not bring the price down but at the very least I'm thinking I should be able to get additional basement coverage without the cost of the policy going up. Now I'm sure there is much to consider when it comes to the replacement value of my home, but I at least have a shot in bringing the cost of the policy down a little.
You may want to call your insurance agent to see if they are making adjustments because of the declining real estate market. Our taxes are going down, why not the cost of homeowner's insurance?
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