3 Ways to Make Sure Your Home is Adequately Insured

Many homeowners don’t have insurance or they don’t have their home insured for its full value. Many homeowners don’t think anything will ever happen, when in reality, according to a 2019 study, 67 homes per minute across the U.S. go up in flames.

We never want to think about the worst happening, but we do want to be prepared in the event that it does.

1.    Accuracy

First things first, are to make sure your agent is familiar with every single detail about your home. Type of siding, age and type of roof, square footage, porches, decks etc. Making sure that the details of your home are in order is the first step in making sure it’s insured for it’s value.

2.    Review

Reviewing your current homeowner policy with your agent can be invaluable in the event of a total loss. Your policy type dictates what types of perils are covered. Many homeowners think they have one type of policy, when in reality they may have another. Asking your agent what perils are covered and what policy type you have can go a long way to making sure your home is accurately insured.

3.    Inflation

Many homeowner replacement policies have what is essentially known as an “inflation guard” for a small increase in premium each renewal, it insures that as costs of lumber and other materials go up in price, your home won’t go down in insured value. However, there are some policy types that don’t have that. The coverage of your home will remain the same, and won’t be protected again rising material costs. It would be a good idea to discuss with your agent if your home is protected from growing material costs.

-Jordan Newcomer

Licensed Property & Casualty Insurance Agent