Home Insurance Check-Up
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Does my home insurance need a check-up?
Experts suggest obtaining free home insurance quotes at least once every year to make sure you get the best price and coverage options, but it's also the perfect time to perform a home insurance check-up.
Obtaining free home insurance quotes is easy thanks to online sites that allow users to compare prices and policies from many different providers all in one location. Since you are comparing coverage and pricing options, it's a good idea to review insurance needs with a check-up that covers these essential questions:
- Do I have enough coverage? Although the sales price of many homes across the nation has dropped in the past 18 months, it is still a good idea to make sure you have enough coverage. Remember, the cost of supplies, labor and other expenses required to repair or rebuild your home may continue to increase.
- Do I have enough coverage to replace the content of my home? Be sure to inform the agent of any major changes such as remodeling, the purchase of all new appliances or other upgrades.
- Do I have a "named-peril" or "all-risk" policy? Typically, an all-risk policy covers everything except those items specifically mentioned while a "named-peril" policy only covers those items listed.
- Do I have inflation protection built into the policy? This prevents homeowners from inadvertently becoming under-insured due to rapidly increasing rates of inflation. Many economic advisors believe the current level of federal spending is likely to lead to increased rates of inflation for the future, so prudent homeowners should consider the value of inflation protection when purchasing a new policy.
- Do I have building ordinance coverage? Changes in building codes and standards may increase the expense of repairing or rebuilding a home; this policy provides additional coverage that assures your home will be brought back up to standards without the risk of additional out-of-pocket-expenditures on your part.