It takes a dedicated person to remember to update their home insurance policy every two years. So many homeowners forget to. Then, when their home is abruptly damaged by a hurricane or someone breaks in and steals, they are panic-stricken when they dust off their old home insurance papers. Suddenly there is no insurance to cover the torn-apart garage that they built last year, and there’s no insurance to cover the brand-new entertainment center they got Dad last Christmas that was just stolen.
That’s why keeping your homeowners policy updated is such an important part of owning home insurance: your carrier will only reimburse you for the amount you’ve insured your home for. You must keep track of any additions, renovations, and general property value increases, as well as new possessions that you would want to be reimbursed for.
Have you built anything onto your home in the last couple of years, like a bonus room or a deck? Have you renovated a room? Did you finally get that set of Majesty Prestigio golf clubs you’ve been after? These are the types of things that call for an update on your policy. The value of your home could have also risen in the last few years.
As for inside your home, i.e., your personal possessions, you need to keep track of anything that you would want to be compensated for if it were to be damaged or stolen. A good time to do this is right after Christmas, when most people have recently been receiving lots of new items. You should go through your house with a video camera or regular camera and take video/photos of anything that you’d want to be reimbursed for, including clothes, DVDs, toys, etc. For a backup, you also need to write a yearly physical list with an estimated dollar value for each item.
You want to be sure you’ll receive all of the replacement cost that your home is worth. You don’t have to be in a sticky situation in the event of burglary or natural disaster. Keep your homeowners policy updated!
WT Flynn is an independent insurance agent in the Framingham, Massachusetts area. To find out more about Framingham, Ashland, Natick, and Wayland home insurance, contact them today.
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