If you own a home and you haven't changed your homeowners insurance in a few years, it may be time to update your policy and to get a new quote. There are a lot of things that can affect the price of your policy, and you want to make sure you have the right amount of coverage. Here are a few things you want to think about since you've purchased the house, and things you want to talk with an agent about.
Is Your Jewelry Appropriately Appraised?
Most homeowners have some coverage in their policy for jewelry, in case something were to happen to engagement rings or wedding bands. If you have collected some expensive pieces of jewelry since you last enrolled in a homeowner's insurance policy, and you don't think you have the coverage that would be needed to replace everything, it's time to increase that number. If your policy shows coverage for far more than your jewelry is worth, lower the amount and see if you can save.
Have You Made Upgrades and Construction Changes?
Making changes to your home can increase the value, and could require more coverage throughout the property. If you have done these things you want to call your provider or shop for a new quote:
- Finish the basement
- Replace all the flooring
- Update the roof
- Add a deck or concrete patio
These are just some of the things that you would want to pay to have replaced if they were damaged. Talk with the insurance expert about appliance upgrades because these types of upgrades could earn you a safety discount.
Have Home Values Changed?
A crash in the real estate market in your area may have caused home prices to drop, and this means your home isn't valued as high as it was when you took out the policy. This means you're overpaying and you want to have the property appraised. If your home value has gone up, it's important to have enough coverage so you can replace the house in case it was needed.
These are just a few of the things that you should be thinking about. If you have added a pool, replaced the windows, or had all new electrical wiring put in the property, these things should be discussed with the homeowner's professionals. You may also be able to save switching carriers, so take the time and make the effort to shop around.