As the year slowly begins to dwindle down and insurance renewal period is around the corner, taking the time to conduct an annual checkup of your current homeowner’s insurance can result in a healthier policy and a fatter wallet.
Homeowner’s insurance coverage is designed to protect your home and its assets as well as shield you from liability for accidents on your property. To properly review your homeowner’s coverage, Stone Insurance Group offers a fall recipe for determining if altered insurance is needed in your future:
- What type of coverage do I have? Evaluate the type of coverage you currently possess: replacement cost, extended replacement cost, full replacement or actual cash value. Thoroughly research what your specific plan covers–do not assume everything is covered.
- How much coverage do I truly need? Once you are clear on the type of policy you have, you then can determine how much policy you require in dollar terms. The key to determining how much coverage you need is not the value of your home but the money you would have to pay to rebuild it from scratch. Because insurers use numerous factors like age and education level to determine costs, homeowner’s insurance does not have a fixed cost.
- Can I lower my premiums? The rule of thumb is: the higher your deductible, the lower your premium. To land an appropriate deductible level for you, remember insurance should cover major calamities and not modest losses where filing claims are not necessary. In addition, many insurers offer discounts for affiliations, like firefighters, and installing protective devices like alarms.
After this review, if you’re questioning your homeowner’s coverage, get with Stone Insurance Group today. At SIG, our brokers strive to compile a customized insurance policy that complies with each clients’ unique situation.
Contact us today at (832) 403-2066 to the collaborate a recipe for the perfect homeowner’s insurance.