Your home is your biggest asset, but is it fully protected in the event of a loss? Have you modified your homeowners policy coverages and limits to reflect updates to your house or changes in your family situation?
When to Make Changes to Your Homeowners Policy:
- When making renovation plans – Talk with your independent agent during the planning stage of the renovation as well as to your contractor to determine whose responsibility it is to insure construction materials. Next, determine when to increase the value of your house – before, during or after the renovation. You may want to increase the value of your house when you start construction so should anything happen during your renovations, you have protection.
- When adding PV panels to your home – Rooftop panels are considered part of the dwelling and would likely be covered under your homeowners policy, however it’s important to inform your independent agent of them to ensure you have adequate coverage for your investment.
- When your family situation changes – A Personal Umbrella policy protects your assets in the event of a significant personal liability claim beyond the limits of standard homeowners and automobile coverage. If your teenage child gets their license and is driving one of your cars, for instance, you may want to talk to your independent agent about purchasing an Umbrella insurance policy to cover your increased exposure.
- Before renewal – Before your policy renewal is always a good time to review your coverages and limits. Call your independent agent. Some questions you might ask: Should I raise my deductible? Am I taking advantage of all available discounts? Should I raise my limits? Do I need a flood or umbrella policy?
How to Create a Home Inventory in 5 Steps:
Maintaining an inventory of your personal property will make it easier to provide your insurance company with a list of lost or damaged items in the event of a claim.
- Start by making a list of your possessions. Clip to your list any receipts or purchase contracts you have.
- For clothing, count the items you own by category (pants, shoes, etc.) making notes about those items that are especially valuable.
- Take note of valuable items like jewelry, art work and collectibles. Depending on their value, these items need to be insured separately. Check with your independent agent to make sure you have adequate insurance.
- Use a smartphone camera to take photos of your items. Store paper copies of your inventory, receipts, etc. off site. Store digital photos in the cloud.
- When you make a significant purchase, add the information to your inventory while the details are still fresh in your mind