When was the last time you reviewed your homeowners insurance coverage?

When was the last time you reviewed your homeowners insurance coverage?

A lot can change in just one year. That’s why it’s a good idea to meet with us annually. An annual insurance review is a great way to make sure you have the right coverage for your home, vehicles and valuable personal items.

Here’s a list of five things to think about when it’s time for your annual review:

1. Do you have enough coverage to rebuild your home after a disaster? Building costs rise over time. And remodeling projects can increase the cost of rebuilding your home.
2. Have you acquired costly items over the past year? You may want to purchase additional coverage to fully protect expensive items, or collections of high-value items, such as jewelry or firearms.
3. Do you have enough liability insurance? Many people have too little liability insurance, especially with their auto insurance policies. Carrying too little liability coverage can leave you and your family at risk for financial disaster in the event of an accident. This is one area of insurance coverage you definitely don’t want to skimp on.
4. Do you live in an area at risk for flooding? Damage from floods is not included in standard homeowners insurance policies. You’ll need to purchase flood insurance to be fully protected. Don’t think you’re at risk? One fifth of all floods occur in areas at low-risk for such activity. And most people underestimate their risk.
5. Should I raise my deductibles? Generally, the higher your policy’s deductible, the lower your insurance premiums. You may be surprised at the savings by a small increase in your deductible. Just make sure if you raise your deductible you have that amount readily available in the event you ever have a claim.