clock November 15, 2012 comments No Comments flowchart Homeowners InsuranceOur Blog tag

While you are wondering if your extended family will be coming to Thanksgiving dinner at your house or not (even though you have asked them at least 20 times in the last two months and they still have not answered you) you might want to direct your wonderment to another issue: your homeowners insurance.

Yes, you renewed your policy again for another year, but how much did you really pay attention to what you are getting?  If you have just been renewing every year without looking at the coverage amounts, you could be left with little coverage if you need to file a claim.  

Your homeowners insurance covers your dwelling, your personal property and liability for third parties.  However, if you have just been blindly renewing your policy each year, you may notice that the amounts of coverage don’t quite make as much sense as you would like.

Your personal property coverage is usually a percentage of your home’s value – typically about 10-20%.  That means if your home is worth $100,000 you will have $10,000 to $20,000 available if you need to file a personal property claim.  But if you haven’t updated your home’s value on your policy, you could be left with even less than that.  

If you are concerned that you may have renewed your policy incorrectly, talk with your insurance agent.  He can walk you through the process to determine how much coverage you will need and whether or not your current policy can cover you completely.  He may suggest upgrading your policy limits or purchasing additional coverage for your more expensive belongings like jewelry, collections, etc.

So before the holidays start getting into full swing, find out how much insurance you currently have and find out if you could benefit from a little bit more.  Best wishes for a wonderful holiday season!