subject: Don't Hide Your Head In The Sand When It Comes To Home Insurance [print this page] Buying insurance for your home is something that we just tend to ignore until the very last minute. It tends to be one of those things that we buy once and then ignore it, making the payments as required, not checking to be sure that the policy is up to date or even that it covers all the things that it needs to cover.
It isn't the least bit unusual to find a home owner who has had the same home insurance policy for the past twenty years. It's not at all uncommon to find that the insurance they are using now is the same cover they got when they bought the house and that it hasn't been updated since then.
Does the same cover that you got when you bought your home still cover you adequately? The probable answer to that question is 'no'. If you bought your home more than five years ago, the way that house prices have risen and the cost of goods has changed it's very likely that the insurance that you have would not begin to cover the things that you need if something happened to your home.
Consider just the cost of your home. When you bought it ten years ago, it may have been purchased at a price of about 125-230 thousand pounds in some areas of the country. Today that home may be worth about 180 thousand and may realistically cost even more to replace. If you are carrying a policy that would not cover the cost of replacing your home, let alone the personal property inside, then it's safe to say that it is time for an insurance check-up.
Sit down with home insurance policy in hand and find out if what you have cover for would even begin to replace the things that you would need to replace. Chances are if your policy is more than just a couple years old, the answer is a vehement 'no'.
Checking out your insurance policy regularly is important. While you are in the process, evaluate the things you have in your home now that you did not have then, and any rise in property values. You may find that it will be necessary to almost double the insurance that you have. If you're not sure, phone your insurance agent and ask.
Looking over your insurance policy on a regular basis, at least once a year, and finding out if it covers all that you need it to cover is just good business. In most cases, things change a lot in a twelve month span of time. What was adequate then won't be adequate now, and it is probably time to get a new policy. While you're at it, check out the cost of cover and find out if you can get more insurance for a lower price. Sometimes you can get more cover for less than you are paying now for your home insurance, but you'll never know unless you check out the difference in policy prices.
by: Tom Jones
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