These days, having homeowner’s insurance is not merely a luxury, but an absolute necessity. The end of the year is the ideal time to reevaluate your homeowner’s insurance coverage so you could make adjustments if needed. To ensure that you’ve got everything covered, consider the following.
Any Significant Life Changes or Home Upgrades?
Did you recently got divorced and got the family home? Ensure that the name of your ex is off your insurance policy. Did you install a spa, swimming pool, or playground this year? Or perhaps made some renovations or new additions, such as a home theater, master bath, or a bigger garage. Take note that these upgrades might change your liability coverage. If these scenarios apply to you, consult your insurance provider to have your coverage updated for the next year.
Ensure that you could Rebuild your Entire Home
Do not assume that simply because the value of your home has decreased, labor and material costs will decrease as well. Put simply, you have to make certain that you could reimburse construction costs if you need to rebuild your home should a disaster strike.
Know the Exact Worth of your Valuables
The value of your antiques, jewelry, art, and other valuables might have increased over the past years. This means you need to make sure that your insurance policy contains your valuables’ accurate values so you could get reimbursed accordingly should a fire or other disaster occur. United States Adjusters noted that this is extremely crucial if when you file a fire damage claim or other claims due to damage.
Be on the Lookout for Discounts
Watch out for special discounts that could lower your insurance premiums. It’s critical to note that you could only get discounts from the following if your insurance providers know about them:
- Fire or burglar alarms
- Storm shutters
- If you live in a gated community with regular patrol service
- Backup generator that’s permanently installed
- A monitoring system for temperature that’s connected to an alarm to safeguard against freezing
Last but not the least, make it a habit to review and reassess your homeowner’s insurance coverage once a year and compare other insurance provider’s policies and their costs to your policy. This is the only way to make certain that you get your money’s worth if something happens to your home.