Where’s your homeowner’s insurance paperwork? If it’s filed in your “homeowner’s insurance” file, you’re in good shape. If not, why not make a file for it now so you can find it easily.
And before you file it, did you even glance at it? Kim Cochrane says you should, and she should know. She’s the vice president of the private client group atcCohn-Reid-O’Neill Insurance in Burlingame, California. She’s today’s guest blogger, too.
Here’s what she says about keeping your hoemowner’s insurance current:
I’ve noticed that most insurance policies have been neglected and are seriously out-of-date. Most people just pay the renewal bills and file the information away without realizing that they may not have enough coverage to rebuild their home if necessary.
These oversights and gaps are usually easily corrected with a quick phone call to your agent or a meeting.
So at the next opportunity, please take the time to evaluate and update your current policy. If you’ve been with the same company for a few years, consider calling other companies to make sure you have the broadest and most competitive protection available.
The following reminders might prompt you to contact your insurance agent as soon as possible to request additional coverage or discounts on homeowner’s insurance:
— Have you added onto your home or completed a major renovation since you last reviewed your policy?
— Is your current Dwelling Limit still adequate to rebuild your home if it’s totally destroyed?
— Do you need and have separate earthquake and flood insurance?
— Have you installed or deactivated a central-station burglar and/or fire alarm system?
–Can you raise a low deductible to save money on your premium?
— Have you acquired new jewelry, artwork or fine collectibles that should be separately insured? Do the values for insured items need to be updated?
— Do you have a trust that should be listed as an “additional insured” on your policy?
— Do you have any residence employees who need a workers’ compensation endorsement?
Thanks to Kim for sharing her expertise. You’ll be seeing her again in the next few weeks as she offers more helpful advice on other types of insurance too — so now’s a great time to find your auto and personal liability policies as well.