Have you re-evaluated your California home insurance policy since it was first written? If you’re like many homeowners out there, there’s a good chance the answer is no. The majority of us get the coverage in place that we need to and then forget about it, other than making our renewal payments. As you experience life changes and make improvements to your home, it can impact the insurance coverage you should have in place. Take a look at the below list for a snapshot of changes that may impact your policy.
• Home Improvement Projects: It’s a new year – do you have any remodeling projects on your list this year? If you do, or have made improvements since your policy was written, it likely affects the replacement value of your home. Review your coverage amounts to ensure that you are adequately protected in the event of a loss.
• Security Devices: If you have certain security devices in your home, such as burglar alarms or fire sprinkler systems, you can get a discount on your home insurance – the company wants to reward you for keeping your home secure. Check your policy to see what discounts are already applied, and don’t miss out on an opportunity to save money.
• Extended Vacations: You’re finally taking that 6 week excursion to Europe you’ve been dreaming about. You’ve earned it – but some insurance companies may discontinue home insurance coverage if they know a home is unoccupied for more than a few weeks. Speak to your agent about what to do if you’re planning to be away for an extended period of time in the coming year.
• You Finally Got a Dog: The kids were begging for years and now a four-legged friend has come to live with your family. Insurance companies view certain breeds of dogs as a liability – let your agent know if you’ve added a pet to your household so they can make the necessary changes to your policy.
• More Expensive Items in Your Home: We routinely purchase more expensive items and add them to our homes – we upgrade our electronics, buy new jewelry, etc. A basic home insurance policy has a limited amount of coverage for certain personal property, and that coverage wouldn’t come close to the actual cost should you experience a loss and need to replace items. You can increase your coverage for many items by scheduling them on your California home insurance policy.
Whether your policy was written several years ago or just recently, it’s a good idea to re-evaluate it at least once a year. Call your agent to review your policy – make sure your home is well protected for the coming year.