We visit the doctor for check-ups to ensure our bodies are healthy and also as a preventative to avoid a potential emergency down the road. Doesn’t your home insurance (and wallet) deserve the same care?
Give your insurance policy a check-up:
- Given today’s market, know what it would cost if you needed to buy a comparable home and adjust your policy accordingly. Find out how much you’d be paid if you decided to move to a different location.
- Your possessions should have replacement coverage. Maintain a list of what you own and know the actual value of your belongings. It’s also a good idea to be aware of how much you might be paid on the depreciated value of your items.
- Know that if you’re in an area susceptible to strong winter storms, you may need flood insurance. Damage from rising water isn’t covered in standard polices, so ask an agent for help to get the proper coverage. You will most likely pay a higher premium, but it’s definitely worth it.
- If a claim is ever denied by your insurance carrier, ask them to provide you with a written explanation. You have the right to dispute it; however, if that doesn’t work you may take it a step further and file a complaint with the state insurance department. If you suffered any loss from a natural disaster, try to find other people who were also denied claims from the same insurer and challenge it together.
