At the Rita Boswell Group, we love helping home buyers and sellers in the Columbus area. But, we also want to provide information that will be valuable to you after the sale.
Keep reading for 5 reasons you need to contact your home insurance agent to review your policy.
The investment we make in our homes is typically a large one, and one that we protect through regular upkeep, maintenance, repairs and with a good insurance policy.
In order to ensure that your policy continues to be a good fit for both your coverage needs and your budget, it also requires regular review. Here are 5 reasons to contact your insurance agent at least annually for a review of your homeowner insurance policy.
1. Major Purchase
Any time you make a major purchase or receive a valuable gift, you should contact your insurance agent. For example, acquiring expensive jewelry could mean you will need to raise the jewelry limit in your current policy or add an endorsement to cover the item. Many people assume that all of their jewelry or other valuable items are covered in their homeowners policy automatically.
This is only half true; these things are covered, but only for up to a certain amount per item. Many people also find out too late that they didn’t have enough coverage to replace their jewelry or other item when they need to file a claim. Don’t be one of these people! Contact your insurance agent each time you acquire something of value that might need to be insured.
2. New Addition or Structure
If you have added a new room to your home or built another permanent structure on your property, you risk being under-insured. Contacting your agent to let them know will help to ensure that you have the proper coverage.
3. Home Safety Addition
If you recently installed a fire or burglar alarm system, or if you have upgraded your heating, plumbing, or electrical systems you may qualify for an additional discount! Don’t leave money on the table!
4. Lifestyle Changes
Major lifestyle changes also trigger a policy review. Things such as marriage, divorce, or having adult children move back home are all examples. If there is a considerable change in the value of personal possessions in your home, you may need more, or less coverage.
5. New Business Venture
Starting a new part-time business venture from home may trigger the need for additional coverage. If the business becomes your primary source of income you may even need to obtain a more complete business owners policy. Your agent will be able to guide you through this.
I recommend that you thoroughly review your insurance needs at least once per year at renewal to make sure you don’t have any gaps in coverage.
Guest Post Written by Nicole Glass, Farmers Insurance Agent
Farmers Insurance – Nicole Glass, J.D.