The next time you need to renew your insurance policies, consider taking these steps to make sure you understand what your coverages are.
Most often, people purchase a homeowners insurance or renters insurance policy when they first move out and into their new home. Many people pay little attention to the policies after that. Over time, as they make renovations, purchase new items or replace existing appliances, they don’t perform home insurance reviews to ensure they are properly covered. This, unfortunately, can lead to a gap in coverage.
Your insurance needs change over time. Conducting a home insurance review with your agent at least once each year can help you determine if your policies still make sense for your current situation. During this meeting:
- Review your home inventory list
- Ask about discounts — before you renew your policy, speak with your agent about discounts that may be available.
- Review home renovations
- Talk about any landscaping changes
- Share any changes in the appliances
- Confirm your home is insured for the estimated cost to rebuild — State Farm suggests you select a policy amount equal to at least 100 percent of the estimated replacement cost of your home, but the choice is yours.
Always make sure you remember to ask questions. You can get the best out of meeting with your agent by asking about your current coverages and understanding any limitations and exclusions to the homeowners policy. You can be better prepared for a loss when you are aware of what is covered and what is not.
For more information, please contact Tony Pope at 843-884-3400 or tonypopeagent.com or contact Angela Holbert at 843-352-2177 or angelaholbert.com.
Provided by State Farm
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