Some homeowners tell me that they haven't spoken to their insurance agent in years, nor have they updated their coverage! I am shocked and I tell them so!
Do you have enough coverage on your home?
Reconstruction costs have gone up since some first took out their policy. I know that many companies have automatic re evaluation increase updates built into their policies.
The cost of materials has gone up in the past several years. The cost to rebuild has increased.
Does your policy cover flooding? Or do you have a separate flood policy?
Does your policy cover mold and mildew?
Does your current insurance policy adequately cover the belongings in your home?
With so many changes that have taken place here in Brevard County Florida it is imperative to understand the dynamics of your policy.
Make sure you are talking to your insurance agent at least once a year! Don’t wait, call your insurance agent today!
This article is authored by
Sandy Shores Realtor, Melbourne FL Real Estate
that for you
Hi Sandy, Hope you are doing well! It is so important to check your policy! In the case of a total loss, how in the world would one be able to rebuild at prices from 5 years ago!!?... they wouldn't.
Great advice. I would guess that most people haven't checked their policy in years.
Hi Sandy, Great name! It's funny but I just talked with my ageny, Linda from Allstate just last week. My policy is due for renewal next month & I thought that I should review my coverage instead of just puting it into the file like I usually do. You're right. It's a good idea to check the amount of your replacement value. I upgraded my policy to cover (a certain amount) for replacement value plus 20%, just in case.
Even though I have looked at mine recently and made a couple of changes, I should have asked my family and even people I have spoke to. I'm going to do that tomorrow. Thanks for the advice.
This is a great blog and timely. This is easily forgotten, but very important.
Interestingly enough, just last month! Both house and auto pretty much get renewed at the same time each year. When the policies came this time, I actually looked at them. I have a homeowner's policy on the house. I'm uncertain however if it will cover mold and mildew. That may be seen as maintenance rather than an actual loss. I haven't heard of that kind of coverage before, but it certainly could be a valuable asset.
Thanks for the reminder, Sandy. Too often, we overlook updating policies that have been in place for so long.
Sandy, a once a year checkup on insurance is a very smart thing to take care of.
I have a great agent. He gets allot of referrals from me so he makes extra efforts on my policy's to update them regularly.
Sandy, this is a valuable reminder to all of us to take a second look at our policies and be confident that we have enough insurance to rebuild in case of a disaster! Thank you for the post!
Sandy We just checked ours and I was amazed that the broker who handled our policy for years sold out to a national chain. They just renew our policy every year and add 5-7% per year. I'm looking for a new broker!
Dear Sandy,
Great advice! A few years ago our agent called us to review our policy. We had done some major remodeling.
When we completed the form he told us we were eligible for a lower premium because of the upgrades!
Barbara
There you go telling people to take care of their own self again Sandy. Don't you know that most people never ever look at their policy and don't do anything unless an agent calls them. Personal responsibility is a lot to ask of people these days. LOL
Hope all is well with you and your lovely family.
Mary, A total loss could be a large problem if your insurance policy was not enough to cover the loss.
Simon, That's what we always hear -people are just reviewing their policies.
Marian, Smart move on your part -good for you.
Ron, Great choice. I hope you get your policy in order.
Sandy,
It must be time to review the policy...;-)
Ann Hayden in cold Wildwood, Missouri