Important Items to Review in Your Home Insurance Policy
Once your home insurance policy is in place, you might adopt a “set it and forget it” attitude and not think about it much until you need to use it. But as things in your life and your home change, so too do your home insurance needs.
To help make sure your home insurance policy is up to date and reflects your current needs, be sure to review it at least once a year.
Here are some of the important items to review in your home insurance policy:
Dwelling coverage: Do you have enough home insurance to cover the cost of rebuilding your home from scratch in the event it was totally destroyed? While you may have had enough coverage in the past, it’s important to make sure you have enough TODAY because things like upgrades to your home and changes in construction costs occur.
Other structures: Structures on your property other than your house are known as “other structures” and this is an important element of your home insurance policy. Some of the things that fall under this category include poolhouses, sheds, and gazebos. Understandably, the other structures you have on your property can change over time so you may need to increase your coverage so you have enough insurance to cover the cost of repairing or replacing them.
Discounts: When you review your policy, you can also determine if there are now certain discounts you might be eligible for, in which case you can inform your insurance company of them. Some of the things that may have taken place that could result in a discount include adding a security system to your home, adding storm-proofing measures to your home, or adding fire safety equipment to your home.
Your deductible: When you first bought your home insurance policy, you may have decided on a deductible that worked for you at the time, but your needs may have changed. Perhaps now you’d rather opt for a lower deductible because you’re up for paying a bit more each month, or vice versa.