Is It Time For a Home Insurance Policy Review?
When was the last time you reviewed your Coverage, as well as any special Riders?
Home insurance Policies usually renew annually – have you taken the time to review the Renewal? — to balance the coverage against updated needs?
A few areas to spotlight:
Payment schedule: Is there a payment plan that works for you? Or, is there a discount for a one time up-front payment?
Deductible: Can you increase the deductible amount? That’s the amount you’ll need to pay if you make a claim. Increasing the deductible amount should reduce the premium.
Coverage on belongings: How much will it cost to replace all of your stuff? You’ve likely acquired more "things" since you first got the insurance. Does the current policy cover enough? And, are you paying for coverage on any items - long gone?
Additional property features: Your policy should contain an insured value for additional structures on your property such as a deck, gazebo, porch, or a greenhouse.
Additional living expense coverage: Without this coverage, you would be 100% responsible for outside living costs if you were displaced from your home during a repair period of a Claim.
Additional coverage: Given the unusual weather patterns – are you covered for events such as hail, windstorm, sewage back-up, or overland water flow? Double-check coverages are included in the policy or that you have a “rider”.
Personal liability insurance: If someone is unintentionally injured on your property is the amount of your coverage sufficient?
Current mortgage: Confirm that the mortgage company listed is still correct. If your mortgage is paid off, you may qualify for a rate discount.
Estimated cost to rebuild your home: Ensure the policy reflects current replacement value. Check the amount of coverage, including the home, belongings, and additional fixture & improvements on the property. Remember, cover the value of the replacement of the building and contents – try not to insure for increases in land value. And before trying to lower any value, even the land value, first ask - if you would be falling into a trap of “co-insurance.”
Our Experience Is Your Advantage!
If you are considering buying or selling a home and would like advice or more information, please contact me for a no-obligation consultation.
Call Lynne Blott at 416-540-7307 or e-mail at lynne@lynneblott.com
