subject: Getting A House Insurance Policy Check-up [print this page] Among the most important things that we buy for our home, more important than all our new furniture and new toys, more important than all of our remodelling efforts is a good home insurance policy.
The one thing that we tend to forget however, is that like other things around the house that need repaired, so does our house insurance. What we bought even five years ago may not be adequate to cover our home replacement and the goods that we lose in a disaster. Getting a health check-up for our home owner's policy is just smart thinking. Get new house insurance quotes about once a year. In fact, it should be done at least once a year, or at the bare minimum every other year to assure that we've got what we need to protect the huge investment that our home is.
When you go over your house policy, go over not just the insurance policy, but also anything you may have added to your home since it was bought. Read and review any limitations that your policy has and then compare it to the cost of what you own. In many cases you will find that you are well under-insured after just a few years time and that it is time to contact your agency for new house insurance quotes.
Your house insurance should be adequate to cover any home remodelling projects that you have done. It should also be enough to cover any major buys or additions. Your insurance should be enough to cover those tank-less hot water heaters that you added last year, or the new built in washer and dryer set that you added a few months ago.
Add cover for things like new computers, high end items that you don't have on the policy currently and make sure that they are adequately covered, not just for their value, but for their replacement when you get house insurance quotes. Having to pay a little bit more may save you thousands in the long range.
Likewise if your mink coat isn't worth that same thousand pounds any more, cut the rider for it. If you sold your antique books and they no longer need cover, cut that out as well. Why pay for something that you can lower the cover on?
Lastly, one mistake that we all make is to confuse the price of our home with the value of our home. Your house has likely gone up in value quite a lot over the course of a few years time. That will be even more true if you have added green living additions such as top end tank-less water heaters or solar panels or even done remodelling.
Bear in mind that what you paid for your home isn't what it will cost you to rebuild if you need to do that. The right insurance cover will be the replacement value of your home as it sits now. What that replacement value may be will likely shock you. The cost of your home has risen, but the cost of building has risen even more. Stay in touch with what it may cost you to replace your home and make sure that you are adequately insured to meet that need if it should arise by getting yearly house insurance quotes for the new value of your home.
by: Tom Jones
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