Have you reviewed your homeowner policy lately?
Everyone should review their homeowner insurance policy at least every two years to make sure that the coverage you are carrying is up- to-date. As time passes, we all make changes to our homes. We build on room additions, we install security systems, and we purchase expensive jewelry items and collectibles. When you do those things, do you always remember to contact your insurance agent and let them know? The answer to that question is usually “no”. That is why it is so important to do a regular review of your policy. Reviewing your homeowners insurance policy is a good way to be sure that the amount of coverage you have on your home is enough to cover that new room addition, that new garage you built in the backyard or that new deck that you added. It is also an excellent time to review the list of any scheduled personal items you have on your policy to be sure that nothing has been left off and the value and description of each of those items is correct. Also, check to see if there are any items on that list that you have sold or passed on to other family members that need to be deleted.
When you install a security system in your home, always contact your insurance agent to let them know. Most insurance companies will apply a discount to your premium for having this added level of security. This discount can sometimes be as much as 10% of your total premium!
Personal liability is an important part of your homeowner insurance policy. Check the amount of coverage you are carrying to be sure it is enough. Increasing the liability limit on your policy is very inexpensive. It’s possible you can double the amount of coverage you have for less than $20.00 a year! Keep in mind, the limit of liability on your policy should always be higher than the value of your home.
Did you know there are now tools available that can alert you to potential problems in your home that could prevent a loss? Third-party vendors now provide sensors that alert you to possible water leaks and dangerous increases or decreases in temperature. These sensors can help you prevent damage to your home and avoid having to file a claim on your homeowner policy. Also, smoke alarms only work when the batteries are good! Check your smoke alarms on a monthly basis to be sure the batteries are good and they are working properly. If your smoke detectors are hard-wired, once a month press the “test” button to be sure that all of your alarms are working.
Your home is your most valuable asset. Whether you are in Greensboro, High Point, Kernersville, Oak Ridge, Madison, Mayodan, or Eden, reviewing your homeowner’s insurance policy on a regular basis is important. A periodic review will assist you have sufficient insurance coverage to take care of a potential loss.