Time for a Homeowners’ Insurance Checkup
- Homeowner Central
- Frontwave Credit Union
With a new year upon is, it’s a good time to take a look at all aspects of your finances to ensure you’re set up for success throughout the year. We already discussed the importance of estate planning. Next up on the list is taking a look at your homeowners’ insurance coverage.
If you’re like a lot of homeowners, you may not have looked very closely at your insurance coverage since you first signed up for your policy. But just like you’ve probably grown and changed a lot since then, there’s a good chance your insurance needs may have, too. That’s why it’s a good idea to review your policy each year to make sure it still fits your needs. Here’s a look at some of the top things you’ll want to consider:
Have you made any recent renovations to your home, like redoing the kitchen or adding on a new deck? If so, you may want to consider increasing your coverage since your home would now cost more to rebuild in the case of a catastrophic loss.
Homeowners insurance generally covers both your home itself and the property you have inside of it. There are limits, though, especially on things like jewelry and electronics. You may have to pay more to get all the coverage you need for these items. On the flip side, if you’ve sold covered items since your last policy renewal, you may want to remove any additional coverage you had for them.
Have you gotten married or divorced, had a child, or added a pet to the family since you last elected coverage? It’s a good idea to check with your insurance agent to see if these or other lifestyle changes may affect your policy.
While you’re reviewing your policy, be sure to understand the exact type of coverage you have. For example, some insurance policies only recover the replacement cost of your home and possessions (which discounts the value based on age and condition) while others may offer full replacement (covering replacement at today’s values).
Just because you’ve been with the same insurance company for years doesn’t mean they’re automatically going to offer you the best possible coverage at the best price. It pays to shop around. Luckily for Frontwave Members, getting quotes is easy with Frontwave Insurance Services. Frontwave Insurance Services is a one-stop shop for all of your insurance needs, from homeowners’ to auto to pet insurance and more. Get a free, no obligation insurance quote today by visiting frontwavecu.insuranceaisle.com or calling 844.788.0820.