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Check Your Insurance Policies

By
Real Estate Broker/Owner with Reputable Realty # 01804752
 

You may have watched the news—there are fires in Southern California. If you have a friend who is an insurance agent, you might want to check on them. They probably need a hug.

If you’re in the middle of a home purchase, it’s a good idea to double back with your insurance agent and make sure nothing has changed. It’s not like when I bought my first home in 1990. Back then, no one mentioned homeowner's insurance to me until we were in front of the escrow officer, ready to sign the loan documents. She shooed us out the door and sent us across the street to the nearest insurance agent to get it started. We rushed over, got it squared away, and came back to sign the documents.

Now, if you’re in a transaction with me, I’ll make sure you’ve called about insurance. It’s just as important as getting your deposit in and doing your home inspection. We don’t want things blowing up at the end over something that could have been addressed at the beginning.

On a personal note, my homeowner’s insurance almost doubled in just a few short years. It was time for a check-up with my agent. We made some tweaks and got it back in line with what I had been paying.

Questions You May Want to Ask

What does my policy cover and exclude?
Ensure you understand the specifics, such as coverage for natural disasters, personal belongings, liability, and temporary living expenses.

What is my deductible, and how does it work?
Know how much you’ll need to pay out of pocket before your coverage kicks in, and if different deductibles apply for specific risks (e.g., wind, hail, or earthquakes).

Do I have enough coverage for rebuilding my home?
Confirm if the policy covers the full replacement cost of your home and whether it accounts for current construction costs.

Are my high-value items fully covered?
Ask about limits on items like jewelry, art, or electronics, and whether you need additional riders or endorsements for full protection.

Does my policy include liability coverage, and what are the limits?
Understand how much protection you have if someone is injured on your property or if you accidentally cause damage.

Does the vesting on my policy match how my home is titled?
If your home is in a trust, LLC, or another entity, ensure your homeowner's insurance policy reflects that. A mismatch could cause complications if you need to file a claim. Double-check with your agent to avoid gaps in coverage.

Questions???????     I'm Karen

Sellers, looking for a unique marketing plan? I market your home like no one else will.

 

Buyers, I offer Mom-approved customer service.

 

Agents, I am a referral resource you can trust.

 

Call me, and we can talk.

 

Karen Sanchez, REALTOR.

"Marketing your house like no one else will."

760-684-0250

 

Licensed in two states: CA and TX.

 

Working in the Victor Valley and South Bay area, with some other SoCal areas by request, and the Hill Country of Texas.

 

Legal stuff to follow.

 

Karen L. Sanchez Broker,

Reputable Realty 

#01804752

Email: karen@karensoldit.net

 

Show All Comments Sort:
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Excellent advice, Karen. I'm of the school of thought that many homeowners don't have a clue what their policy does or doesn't cover.

Jan 21, 2025 08:17 AM
Joe Mojica
Laer Realty Partners Bowen - Port St Lucie, FL
Your Home Adds Value to You

Karen,  you have provided good information.  Thanks for posting it.  As Nina commented, many homeowners don't have a clue what their policy does or doesn't cover. Many of them aren't familiar with something as simple as the Declaration Page.

Jan 21, 2025 08:39 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good advice to share. Many will opt for a separate policy for liability coverage.

Jan 21, 2025 10:25 AM
Lew Corcoran
Better Living Real Estate, LLC - East Bridgewater, MA
Expert guidance. Exceptional results.

Thanks, KAREN SANCHEZ, for emphasizing the importance of checking insurance policies! Your practical tips really hit the mark, and I appreciate you reminding us how crucial it is to stay informed during the home buying process—great insights!

Jan 21, 2025 02:13 PM