It's a cold truth that most have not yet come to terms with. Homeowners Insurance is no longer just a monthly bill that you can barely even notice anymore. It is not meant to turn over without incident year after year with a simple glance at a renewal policy. It is now something that requires re-evaluation and possible maintanence every so often. Why you ask? I'll tell you.
Our economy changes all the time, prices go up and down mimicking a totally cool roller coaster. So even with all these changing prices, most still don't take the time to see if the coverage amount they have to replace their home they bought 5 years ago, is still adequate to rebuild that same home in today's economy. In one example a house bought in 2001, which around that time would cost $120,000 to rebuild, may now in 2006 cost almost triple that amount. Scary thought, right? Only if your policy is outdated and you're underinsured!
Also in jeopardy may be your personal property. Over years families are infamous for collecting and upgrading more and more goods in their homes. That personal property limit you agreed to when there was no more then a rocking chair and borrowed couch may not be enough to cover your new dining room and bedroom set. Insurance coverages are meant to repair any financial damage or loss you encounter. However, in order for your coverages to do their job, they do need to be accurate amounts.
Checking up on the status of your account may seem like it would be a timely and tedious job, yet it is usually a simple task of just calling your agent and having them re-run your updated information in their system. Most policies can easliy be endorsed to reflect the new coverages with no hassle to you what-so-ever! So why take any chances with that beautiful home you have worked so hard for? Protect your assetts and have peace of mind. Call Laura Spears at Olympic Northwest Insurance to make sure you are getting what you need!
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