As the weather warms up and flowers bloom, it's clear that spring is here. For many people, it's time to shake off the winter blues and begin enjoying the outdoors again. However, spring presents the perfect opportunity to take a closer look at your homeowners insurance policy.
With the unpredictable weather, storms, flooding, and water damage spring brings, you want to ensure the right protection for your home and belongings is in place. Here are steps to take when reviewing your homeowners insurance policy.
Start with the declarations page
The first thing to do when reviewing your homeowners insurance is to read the declarations page. The page offers details on the type of coverage you have, how much coverage you have, your deductible, and your annual premium. Reading the declarations page carefully gives you an understanding of your coverage and what you need to do as a policyholder.
Make sure your policy provides full rebuilding cost
Your home is your greatest asset, so you want to ensure your policy provides full coverage in the event of a loss. While your standard homeowners insurance policy allows you to rebuild your home, it may be inadequate if you've recently expanded your living room, added another room, or made other renovations. Adjust your policy to reflect these changes so you can get the full cost of rebuilding if any incident happens.
Check if your policy covers expensive items
Do you have valuable personal items such as jewelry, artwork, and silverware? Insurance companies set limits on the amount of money they can pay if these expensive items are stolen. If your item's value exceeds your policy's coverage limit, consider purchasing a floater or special personal property endorsement.
Ensure that your liability coverage fully protects your assets
Your homeowners insurance policy includes liability coverage. This protects you and members of your household from financial consequences if you or someone in your household injures someone on your property or damages their property. It also kicks in if your pet causes injury or damages other people's property.
A standard homeowners insurance policy also protects the home's structure and personal property against covered disasters and theft such as fire. To fully protect your assets, you want to ensure your coverage is sufficient.
Reviewing your homeowners insurance policy ensures that your home and belongings are protected against any unforeseen events the spring season brings. If you need help reviewing or updating your policy, we will be glad to assist.