Insurance: sometimes it seems that it's something that no one wants to talk about. But, when was the last time that you reviewed your insurance policy?
When was the last time you talked to your insurance agent? I have had homeowners tell me that they haven't spoken to their insurance agent in years. Oh no!
Does your policy still cover your current needs? Do you even know what coverage you have? Do you have enough coverage?
Typically, coverage is determined based on the cost to rebuild the property. Right now in my area we are hearing that it's about $100 a square foot under air to rebuild. And, this is typically the minimum that an insurance company allows you to have.
Does your policy cover flooding?
Or, do you have a separate flood policy?
Does your policy cover mold and mildew?
Do you have adequate coverage on the belongings in your home?
How much is/are your deductibles? Be careful as some lenders have maximums on how high your deductible can be.
I talk to my insurance agent numerous times a year because of my rental properties.
If you aren't talking to your insurance agent at least once a year, than you are not talking to him/her often enough. Make it a point to call him/her each year when you receive your renewal notice.
Do your homework. Call your insurance agent today!
Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate
Brevard County, Florida's Space Coast Real Estate & Investing
I specialize in Residential, Investment & Relocations.
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that for you
Great Advice....I look over my policies every renewal and there is almost always something different I want to check on.
Thanks for the reminder. Insurance is like windshield wipers you don't think of them until you need them and sometimes that is too late.
Sandy, there isn't much that's more boring than insurance but its so important.
Jay, I also do the same. I usually find things that need to be changed.
Randy, You've got that right. We don't think of insurance until it's too late sometimes. Unfortunately I've seen people in that situation before.
Betty & John, So true. It's not one of those things that we enjoy thinking about. It's a necessity!
Sandy,
Yes, you need to keep in touch with at least the company that has the policy....
Ann Hayden in Wildwood, MO
Sandy
There are a lot o changes to our insurance coverage that is not being disclosed.
Good luck and success.
Lou Ludwig
I would think a good insurance agency would be calling its clients to schedule a review or at least send a letter! Good advice as things change.
Sandy....I was just thinking about doing this....thanks for the reminder. Have a great day!
Amazingly enough, I got a notice of 'non-renewal' from my carrier of auto and home last week because the company is closing out their personal insurance lines, and going to strictly commercial. So I have been shopping insurance the last couple of days, and this time I decided to get a lot of quotes to compare. I find I am gaining a whole new education I never had in insurance. Very timely post.
I used to review policies about every three years but you're right annually seems to work out better. Received about an 11% reduction last year because of this. I'll be wrangling again in a few months. Thanks Sandy!
Sandy, an excellent reminder. This is worth re-blogging. Thanks.
Sandy, A great reminder to update and upgrade insurance if necessary before a disaster happens and you're not covered!
Ann, So true, we need to know what our policy covers in case we need it.
Lou, I know, here in Florida we need to be extra cautious that we know what's in the fine print.
Gary, I agree. I do get the letters, but I find that I put them aside, because it's not always convenient for me at that moment to think about insurance. - I know, I'm guilty.
Rob, Great minds think alike.
Michael, Oh, I got 6 of those a couple of years back after the insuance companies did restructuring after the Florida hurricanes. I hate those letters. Good luck on the education - good for you for digging in and comparing companies.
Kevin, Love to hear that you got an 11% reduction. That can add up over time. Good job.
Gabe, Thanks for the reblog. It seems that insurance is one of those things that we throw on the back burner.
Wanda, Oh, so true. I've seen people without insurance, in a disaster and it was awful for them.
Sandy,
Since most policies are written in "attorney language", sometimes an interpreter is needed.... Best to get all items explained by someone who knows the policy.
Ann Hayden in Wildwood, MO
I only have one rental property but i keep in touch via email at least a few times a year.