Property Insurance Reminder

It's a good idea to review your homeowner's insurance coverage with your insurance agent every year or two. With the continued rise of real estate values as well as the rise in value of property inside your home (i.e. household electronics, smart devices, furniture, art, etc.) it is important to maintain the right insurance coverage for protecting your investments. Depending on the type of property you own, here are some things to discuss with your insurance broker:

• Single Family Homes

• What are you currently insured for per square foot for replacement cost?

• What is the current actual cost per square foot to replace a home like yours? For most properties, you probably want to be insured in the $350 to $500 per square foot range with high-end custom homes needing to be insured up to $750 per square foot or higher. Many policies that were first issued years ago still are at $150 per square foot which is simply not enough today.

• Do you have enough liability insurance?

• What is your current personal property/contents insurance coverage? Is it enough? Take updated photos and videos of your belongings. Make sure to store these images in a separate location other than your home (like on a cloud based storage folder).

• Ask your insurance agent what endorsements your policy should include - i.e. Drain and Sewer Line Backup, Ordinance and Law, etc.

• Are you eligible for any policy discounts? Insurance companies can offer discounts for various features your home may have or that you have added to your home - i.e. Smart Devices, Home Security, Class IV Impact-Resistant Roof Shingles, etc. Talk to your insurance agent to find out if you are eligible for any discounts. 

• Condos/Townhomes

• In addition to everything listed above, here are some other things to discuss with your insurance agent specific to condos/townhomes:

• HOA Coverage vs Personal Policy

• What does the HOA insurance cover? What does your homeowner's policy need to cover?

• Loss Assessment Coverage

• Do you have loss assessment coverage (i.e. does your policy cover for special assessments resulting from your HOA's wind/hail deductible?)

• Investment Properties

• In addition to everything listed above, here are some other things to discuss with your insurance agent specific to rental/investment properties:

• Make sure your tenants have renter's insurance for their contents, as well as liability coverage for them & their pets + Drain & Sewer Line Backup coverage.

It can feel like a daunting task to review your insurance coverage, but your insurance broker can help you through it and it is well worth the effort. If you have any questions or need my assistance, I'm happy to chat.