Home Improvement

Keeping an eye on your home insurance to keep the correct coverage


Most people wake up and think about their home insurance quite frequently.  In most cases it’s once or twice a week.  Some people don’t get quite as excited and in that case it’s only twice a month.  That’s not cool!  The previous two sentences were a joke.  The fact is, no one really thinks about their home insurance all that often.  That’s fairly normal as it’s kind of an out of sight out of mind type of product/service.  One thing that can happen in this case is that it can become over insured.

The way a homeowners insurance policy can get over insured is due to what most carriers have, which is called inflation protection on the policy.  The way this works is that automatically the coverage a amount increases by 3% in most cases.  If you have been with the same insurance company for say 20 years that number can add up and cause you to be way over insured.  Do the math.  A $200k home would go up to $206k the first year to rebuild.  That might be right, but then the next year it’s up to $213k, etc… and the number can get out of hand very quickly!

This can be a problem.  On the other hand coverage limits might be under insured when it comes to personal property and other things you may have purchased.  Far to often I see policies that don’t have any scheduled property.  In most cases almost every family in the United States has some jewelry and the standard limits just don’t provide enough protection.  It’s not that expensive to schedule that wedding ring and get you properly.  Check with your independent home insurance agent year me and see how much it would cost. You will be pleasantly surprised you took that simple advice.

Follow those two simple steps to get a conversation started with your local insurance agencies near me.  They can run quotes with other carriers if they are an independent agency and they can also review your coverage limits to make sure you have the proper coverage in place!

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