Review Before You Renew....

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

Spring and summer weather can often be a test of what your home insurance policy coverage is....and is not. One of the insurancegreatest assets you can have as a homeowner is a knowledgable insurance professional. Our preference for referrals is an independent agent who can choose from a variety of companies when insuring home owners. Insurance, like most everything else in life...is not a one size fits all.

      The basement that floods because of a power outage and no working sump pump...no battery backup. The tree that died over the winter and winds send branches thru the neighbor's patio door....

    The tree roots that grew thru the sewer line...is it a tree planted by the city or the homeowner ?

   Your dog bit the child next door...forget that he pulled his tail...stitches are in order with a trip to the ER.

  What things fall under the "Acts of God" insurance issues and do you or can you get coverage or need it and at what cost ?

      Is your home and the contents insured for replacement value or  cash value...do you know the difference and has this been a discussion you insurance agenthave had with your agent ?

    Are there things of value that should be listed as a rider on your plan...jewelry, artwork, antiques...when was the last time those items were reviewed for current value ? 

    You need not wait until your policy renews to revuew it...what to add, subtract, multiply and divide is best analyzed by a professional....if you don't have an agent you know ...ask a trusted real estate agent for recommendations. 

    Finding out what is not covered after you have an issue is not the best way to learn more about your policy. 

        This has been an informative post brought to you by Sally K. & David L. Hanson, Broker Associates with EXP Realty honored to be of service for all things real estate in southeastern Wisconsin.

       

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
2,803,325
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Sally.

I see you are up early today, like me I have a lot to do today.  We are having a training session at our new facility.  Move in time is June 1st.  

May 15, 2019 02:41 AM #1
Rainmaker
1,388,332
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

I agree that finding out what is covered after something happens is not the time to find that out!

May 15, 2019 03:16 AM #2
Rainmaker
1,827,588
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I get an email every year from my insurance company (my stuff is bundled) that shows me my coverage and asks what we would like to change.  A couple of times I have changed and added things to the policies.

May 15, 2019 03:49 AM #3
Rainmaker
3,109,292
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Another informative blog post by the two southeastern Wisconsin Realtors who really care about your Real Estate needs!

May 15, 2019 04:06 AM #4
Rainmaker
2,938,534
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Great advice, Sally and David. We are fortunate in our insurance broker who makes the time to annually review our converages and discuss what should or shouldn't be adjusted. But I know that's not the case with many insurance brokers and homeowners just often don't think about it themselves.... to their detriment some times.

May 15, 2019 04:14 AM #5
Rainmaker
728,232
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Great information..."Is your home and the contents insured for replacement value or  cash value...do you know the difference and has this been a discussion you insurance agenthave had with your agent ?

 

So often people don't know the difference and then there are issues.  Thanks so much for sharing!

May 15, 2019 06:37 AM #6
Rainmaker
1,513,013
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Sally K. & David L. Hanson This is prudent advice for all to heed and follow.  Have a great Wednesday!

May 15, 2019 06:40 AM #7
Rainmaker
3,133,329
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Sally. Best to ask questions in advance for sure! Enjoy your day.

May 15, 2019 06:43 AM #8
Rainmaker
1,552,896
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Excellent post Sally K. & David L. Hanson . The time to review is prior to the next accident/incident.

May 15, 2019 06:55 AM #9
Rainmaker
5,221,203
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is good advice to share.

We reviewed our policies with our insurance agent just a few days ago.

May 15, 2019 06:59 AM #10
Rainmaker
1,826,644
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Sally and David - you really should not take coverage for granted.  Have it evaluated regularly.

May 15, 2019 09:24 AM #11
Rainmaker
2,416,885
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Having a trusted insurance advisor is definitely important, as insurance companies will often try to get out of paying claims.  I am confident that my insurance broker is always looking out for me!

May 15, 2019 10:33 AM #12
Rainmaker
1,507,346
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Sally and David, I wish more people would heed your advice. Knowing what our insurance does and doesn't cover is a must. Surprises in this arena are not the good kind!

May 15, 2019 11:33 AM #13
Rainmaker
227,302
Dale Taylor
Re/Max 10 New Lenox Illinois - Frankfort, IL
Realtor = Chicago Illinois Homes Townhomes Condos

When you have a very thorough State Farm Insurance Agent like mine, Liane Williams 773-436-7500, who schedules an annual review before I renew, determined I was paying for more insurance than I needed, resulting in a $78 reduction. How about that for a shameless plug-lol. She happens to be my Sister-In-law, but I am sure she does this for all her clients.😉

May 15, 2019 06:08 PM #14
Rainer
468,560
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Sage advice, yet, many homeowners still cannot comprehend the benefits and exclusions in their homeowner's policy. Selecting an insurance agent who is knowledgeable and experienced is essential, just as it is for selecting a RE agent, isn't it? Great post.

May 16, 2019 12:17 AM #15
Ambassador
3,748,278
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Sally and David- I usually call my insurance company once a year and go over all of my coverage to see if there is something I no longer need or need to get!

May 16, 2019 07:29 PM #16
Ambassador
3,150,064
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Oh, this is such sage advice, Sally! We just never know when something major is going to come up (of course, they're ALWAYS surprises). So, it's good to have a thorough knowledge of your coverage and fill in the gaps periodically as well.

May 18, 2019 07:42 AM #17
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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