If you’ve owned your home for quite a while I’ll bet you’ve haven’t given any consideration to updating your homeowners insurance. When is the last time you even thought about it? If you escrow your taxes and insurance you might have thought about it if your payment went up. It’s probably time to reassess your policy to protect you, your belongings and your loved ones. Home insurance adjusts as your home does. Have you made some major updates (I’ll bet you have in the last 5 years)?
Why not take out your policy and review your coverage. Here are 4 reasons to examine if you need to change your current policy:
1. Have you renovated or made updates to the property? It’s always wise to update your homeowners insurance when you increase the value of your home. Your current policy might not cover the full cost to repair or rebuild if a catastrophic event happens.
2. Have you rented a room or hosted an Airbnb? If you allow any short term rentals or take in a tenant you should let your insurer know. You can be liable for all sorts of damage and need the proper coverage to protect you and your financial investment.
3. Have you purchased or inherited something expensive? If you have purchased or inherited an item or items of value it’s time to up your coverage or add a rider protecting these high-value items in case of theft or damage.
4. Has your home escalated in value? Many real estate markets are hot and local property values have risen to prices you never thought you’d see. In our global economy housing materials have risen and are continuing to rise. You may want to consider increasing your coverage to keep up with the new values to protect you in the event you need to repair or rebuild tour home.
Many home owners escrow their taxes and insurance. If you haven’t sold in the last 5 years you may not have considered the need to examine your homeowner’s policy. Why not pull it out for a review? Always better to be safe than sorry. If you don’t escrow your home owners insurance you more than likely haven’t thought to assess your policy.
P.S. If your thinking of buying or selling real estate in NW Austin reach out to me so we dicuss your wants, needs and see how I can help! Let's talk...512-346-1799 or dillard@reloaustin.com.
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