If your homeowners insurance is coming due, it is a good time to review a few things.

If your homeowners insurance is coming due, it is a good time to review a few things. For many of us, this is an annual affair: Open the envelope, look at the premium amount and due date, then file the rest it in a drawer. However, actually sitting down with your agent for a change can be an eye-opening experience. Chances are, you will save money or improve your coverage. Sometimes, you do both at once. At the very least, you can better understand the current coverage. Things to bring to your agents attention might not be easy to compile, so I’ll give a few prompts. Do you have a new dog? What type of dog did you get? Are you covered for any liability for having a dog? Did you recently build an addition to the house? Are the limits of the coverage enough to cover a loss, including the new square-footage? Do you have replacement coverage for your possessions, or will youcollect only part of the cost to buy new? All these things can have an affect on your premiums.

Doing some things may actually reduce your costs, too. Have you recently installed new doors? A deadbolt might get a discount. Have you removed or installed a wood stove? It doesn’t hurt to check into what other incentives may be available to you as well. Memberships in various organizations, like the chamber of commerce, a labor union, AARP or a civic group might be good for a discount.
If your older home sustains damage, are you covered for the possibility of having to meet the current building code? Are you using a part of your home to run a business that has customers coming in and out? Have you started a hobby farm with animals such as chickens, goats or cows? One agent suggested scheduling electronic devices such as smart phones, tablet computers, laptops and digital cameras. These are expensive, yet quite common, items that need coverage against theft, loss and breakage. A nominal monthly fee can gain a significant advantage.

If your agent is reluctant to explain what is and isn’t covered and how policies work, find a new agent. Then, check with your new agent for other changes that might save you money and improve your coverage About the House.

 

Author: Rob Kinsey

Source: GateHouse Media, LLC

Retrieved from: www.sturgisjournal.com

FINRA Compliance Reviewed by Red Oak: 485809