When you have a home, you can go to bed every night knowing you have legal rights to your property. While this is incredibly powerful, it can also be nerve-wracking, especially considering the fact that it is possible to endure some very real challenges in regard to your property. Here are three fast and easy questions you should ask your homeowners insurance agency and why.
1. Is There Currently Enough Coverage On The Home?
Over the years, you might make some big updates to your home. From repainting the entire interior to adding board and batten, replacing carpet, or updating light fixtures, you can add a lot of value to your space by making the right moves. However, if you aren't careful, you may not have enough coverage on your home for what it would cost to replace your place if it ever burned down or was significantly damaged.
Think carefully about your home, and try to add up the cost of all of the projects you have done over the years. Make sure there is enough coverage on your home to handle the costs of any rebuilding that may need to take place. For instance, if you have recently upgraded appliances with top-of-the-line products, make sure your policy has line-item coverage for those kinds of things.
2. What Other Perils Should Be Covered?
Think about where you live and which perils you may be faced with. Great examples of things you may want to have covered include ground flooding, wildfires, and earthquakes. Think about what you could be faced with, and make sure that the perils that you are at a higher risk for are carefully covered. By making the right steps now, you can sleep a little easier at night—knowing that if the worst were to happen, you would be able to rebuild without impacting your finances.
3. Are These Outdoor Recreation Areas Covered?
Certain additions to your home or yard may not be covered, such as your swimming pool or your trampoline area, since these can be considered "attractive nuisances." Since it is easy for people to be injured on these objects, it is important to think about whether you have liability coverage.
When you are searching for homeowners insurance, make sure that you have all of the necessary information about your house you need to secure a policy, including the materials the home is made from, the year it was built, and the types of building equipment or playground items you have. This information can help your agent to select the right policy for your home so you won't have to second guess your coverage limits.
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