submitted by Rick Meyers, AAA Insurance Broker/Nichole Meyers, Richboro Office, cluballiance.aaa.com/Agent/NicholeMeyers
For most people, their home is their most valuable asset. As a result, having the proper home insurance coverage protecting that asset is essential. Homeowners should take the time to carefully read over their insurance policies to ensure they have sufficient coverage amounts in place. In 2022’s market here are a few reasons why checking your policy is important.
- Property values are rising: Home values have gone up dramatically, as has the cost of building or repairing a property in the event of a disaster. Supply chain issues and the Real Estate market’s high demand and low supply of homes are contributing factors to increasing prices. Checking policy limits to ensure you are not insured for less than your home or property would cost to restore is important.
- Homeowners change their circumstances: Higher home values, low interest rates, and working from home has caused many people to make improvements on their home. Some have upgraded bathrooms and kitchens, others have added an addition, pool or garage. Upgrades, remodeling, or even adding a pet can change the type of insurance protections that should be in place. It is important to make sure coverages match one’s current circumstances.
- Insurance coverage options may change: Insurance companies are constantly adjusting policy coverages, premiums and adding different coverage available; whether as an endorsement or included in the policy. Reviewing your policy every few years to make sure the proper coverage limits are in place at the most competitive price is a good practice.
When a disaster occurs, no homeowner wants to find out they do not have the proper coverage and feel their home or financial stability is at risk.
Checking your policy to ensure the proper protection is in place is simple and can be done by calling your agent, or contacting a local insurance broker who has the ability to shop your policy across multiple carriers, taking the burden off of the homeowner and providing peace of mind that the proper coverage is in place, at the most competitive price.