Have you done a home insurance checkup lately?

By
Mortgage and Lending with Horizon Lending Services, LLC NMLS # 198754

Here are the things you need to reconsider when looking at your policy.

Do you own a home? If so, homeowner's insurance could be a real lifesaver in the event of an accident or disaster that involves your home. With standard homeowner's insurance, you are afforded many protections. First and foremost, your homeowner's insurance will help protect your home itself and the belongings within it in the event of a destructive event, like a flood or fire. Fortunately, homeowner's insurance is usually a package policy. This means that, in addition to protecting your home's structure and belongings in the event of one of these disasters, it will also encompass the property and people who were damaged or liable for the event.

This can mean protection for your family members and even household pets. If you live in a condominium or co-op apartment, a homeowner's insurance policy will typically cover you for your own belongings along with any liability, and certain parts of your interior home's structure that's defined as yours by your proprietary lease or the by-laws.

 

What To Review In Your Existing Home Insurance Policy

If you currently have a homeowner's insurance policy, it's probably about time you reviewed it. With the changing value of your home and belongings, and the changing housing market, you should be looking at your homeowner's insurance policy fairly regularly (at least once a year) to ensure that your coverage amounts are up-to-date and enough to protect you in the face of any unforeseen disaster. For example, your home's value may have gone up substantially over recent years thanks to the changing housing market and/or improvements you've made. If that's the case, it's important that you review the protections and values set in your insurance policy.

 

Benefits of Doing A Checkup

By keeping your policy updated, you can help stop yourself for overpaying on values set too high, and help truly protect everything you own in the event of a disaster. Imagine that your home and/or belongings have increased in value by $25,000 over the past few years, and you just lost everything to a fire. This difference in what your insurance policy covers and what you need to get your family back on their feet can add a lot of additional stress and worry.

For this reason, it's important you review your policy's protections regularly. And, you should also look closely at the fine print to determine what it actually protects you against. Most homeowner's insurance policies will protect from disasters, but they may have gaps in covered. For instance, earthquake and flood insurance are usually additional policies that you'll need to add on top of your insurance, and you may also want a policy that doesn't exclude maintenance related problems.

 

Hae you ever ran into any trouble or miracles when reviewing your home insurance policy? Comment below and share your story!

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Rainmaker
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Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great information!  Thank you for sharing and have a wonderful weekend!

Mar 17, 2018 07:33 AM #1
Rainer
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Verena Bailey
Business Insurance Palm Beach - Boca Raton, FL

Nice article!
Home is the biggest investment and it is really to secure the home with an insurance. The points given in the article are very useful, we need to take time to have a periodic check about the security of the home and the insurance update. We should also check for the terms and the coverage that the homeowners insurance Palm Beach County policy can provide. Every insurance has different coverage, we need to plan your insurance policy in order to get the appropriate coverage.

Apr 06, 2018 05:50 AM #2
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Rainmaker
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Pat & Sharon Mistowski

Horizon Lending Services, LLC
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