Do you really know what your Homeowners Insurance policy does and doesn't cover? Many homeowners today aren't sure. Now is a good time to check up on a couple of important points:
Recent Improvements
Have you made additions or improvements to your home that need to be added
to your policy? Be sure to let your agent know, in writing. Include photos
to validate the improvements.
Just What Is Your Level of Coverage?
Has the value of your house risen in the last year? Unless you have a rider
that automatically raises your coverage on a yearly basis, you will need to
adjust your level of coverage to match the increase in property value.
Replacement Cost Guaranteed
Check with you agent about whether your policy stipulates you will be paid
a guaranteed replacement cost, or whether or not there is a limit to your
coverage.
Insuring Home Contents
Have you added any expensive furniture or other items (computers, perhaps)
that need to be added to your policy?
Liability Insurance
What kind and limits of coverage do you have if someone is injured in your
home?
Lowering Your Premiums
Some methods you can potentially use to lower your homeowners insurance premiums
-- check with your agent about them:
Is a Higher Deductible a Possibility?
Raising your deductible (the amount you have to pay out of pocket when there
is a claim) will lower your annual premium.
Multiple Policy Discounts
Many insurers will give you a discount if you maintain more than one policy
with them (homeowners and auto, for example.)
