How to Adapt Your Homeowner’s Insurance to a Changing Environment
Andrew Biscay, South Lake Agency Inc
Some things, like a good shovel or a stand mixer, you should only have to buy once. Unfortunately, this rule doesn’t often apply to homeowner’s insurance.
When you first buy your house and take out insurance, you might like to think that your coverage needs will never change as long as you keep the home. However, when the environment around you changes, your house gets older, and the cost of labor & materials increases, your insurance needs will change, too.
No one said owning a home would be easy. But when you make adapting your homeowner’s insurance a priority, it can give you a greater level of peace of mind that your home will always be well protected. Here’s what you can do to ease the process:
Review Changes to Your Home Since You Last Purchased Insurance
We’re all guilty of paying our annual homeowner’s insurance premium and tossing the bill into the “Done” pile. But not many of us take time to review our policies each year to make sure the insurance still meets our needs.
This is one of the biggest mistakes you could make with your home. Your home is an investment in your present and future. Without the right coverage, you could end up paying out of pocket to cover damages that insurance would have otherwise handled.
The first step is to review your current homeowner’s insurance policy and compare it to your current needs. If you’ve added on to your home, made upgrades, or acquired high-ticket items, then you may need to upgrade your coverage.
Identify Potential New Risks to Your Home
Other factors outside of your control may also increase the need to upgrade your coverage. For example, if there have been multiple break-ins or a natural disaster in your area that could put your home at risk, then you may want to adjust your coverage.
Take into account your home’s current age and the age and condition of its systems. Also, if your home has increased in value, you should talk to your insurance agent to see how this affects your coverage.
Work an Insurance Broker to Get Optimal Rates and Coverage
Right sizing your insurance coverage is one step in a multi-part process. In addition to getting the right level of coverage, premium cost is also a factor in choosing the right homeowner’s insurance policy for you.
To get the best balance of coverage and cost, working with an insurance broker can be invaluable to the experience. Insurance brokers work with multiple carriers to help you find the right fit. Because they are not carrier-specific, you can trust you’re getting the best rates compared to the level of coverage.
Our team is a local independent insurance broker working closely with families in discovering their insurance needs. We proudly work with some of the best-in-class names in insurance, including Travelers, AAA, Nationwide, Progressive, and many others to help you adapt your insurance to your changing environment.
Navigating this process shouldn’t be a chore. Reach out to our team and let us make right sizing your insurance a pleasurable and confident experience!