New versus Remodeling, some thoughts to consider!
Sometimes you just like the neighborhood you live in, you really like most everything about your home other than you want a sunroom, or an extra bedroom, updated kitchen and bathrooms, etc...
Well when you get the project completed, you might forget about something that could cost you more later, increasing the value of your homeowner's policy.
I'm not any different than anyone else, I don't like paying more than I need to for the insurance on my home, but if you have replacement cost coverage and want to be able to repair you home if a disaster occurs, you are required to have coverage at 80% of the value of your home.
So, here are some questions you can use to determine if you have adequate coverage.
- What is the replacement value of your home, not the market value.
- Have you made any significant changes in your home? Major upgrades are a given, but remodeling the basement, upgrading fixtures, adding expensive wall finishes, window covering and landscaping can add value.
- Have you taken a home inventory? It's a good idea to take a video camera and just walk around your home creating a video of everything you can think of. Talk about the significance of the furnishing and other items. You should even take out jewelry and lay it out on a black cloth and video it as well.
- Have you recently purchase valuable fine art, precious metals, jewelry, computer equipment, furs, etc...? More than $1,000 may be considered "scheduled" items and could require a separate rider.
- Have you started a home based business? Enough said here.
- Have you purchased a home safe? This may qualify for a reduction in your rates. Call your agent.
- Have you installed an alarm system? This is so easy today with wireless, again, could provide you a discount on your rates.
- Combining your home and auto policies with the same company also provides you a discount. This discount could also help with other members of your family if they live at your home.
My best to you!