Here's a question for homeowners-when was the last time you thoroughly reviewed your home insurance? It's not something that's on the forefront of most owners' thoughts, but tornado season is now upon us. As we move into spring, now is the time to make sure you have enough home insurance to cover any potential loss of property. |
Insurance representatives say it is not uncommon for policyholders to sign their yearly renewal home insurance paperwork without even reviewing it. It's just not something people do on a regular basis, but representatives are quick to remind owners that there are things they call 'life changes' that may affect a policy and those changes need to be carefully reviewed.
For instance, as a policyholder, did you recently get married or divorced? One of the biggest changes in home insurance is the addition of another person's belongings or the removal of items from the residence. If you are recently married, you've most likely come into the possession of numerous gifts that have value, and in some situations, a considerable value. If that is the case, you need to update your coverage to include the total value of those items. So, if something does happen, a flood, a fire, or other damaging event, you don't have a gap in replacement value. The same holds true if you are recently divorced and have split up items in the house. In this case, you may be carrying too much insurance as the replacement value has decreased. However, if this information is not changed on your policy, you may be paying more than you should for that coverage.
Another life change that a lot of people forget to note in their policy is inheritance or the moving of an elderly parent into an assisted living community. In both instances, you may come into the procession of items like a painting, antiques or jewelry. If you are not completely familiar with these items, the first thing you should do is have them appraised. How many times have you read of someone inheriting something they thought was just a piece of junk, but it turned out to be a valuable antique worth thousands of dollars? The lesson is this: don't find out the value of something when it comes time to replace it.
Another thing you need to note are any additions or upgrades to your residence. Have you recently renovated, bought new appliances, computers or TVs? Have you added an alarm system? All of these things can make a difference when it comes to obtaining the proper amount of home insurance.
As for obtaining coverage, shop around in an effort to purchase the best possible coverage for your money. The cost can vary dramatically, so make sure you get the best bang for your buck.
Reevaluate your home insurance. Kansas City area homeowners can trust Twin Lakes Insurance. Update your policy or start fresh here: http://www.twinlakesins.com/homeowners/default.aspx.
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