My name is Eric Bowman, and if you have questions about insurance, this is the blog you need to read. I was always confused when I had to purchase insurance. I would either end up paying for insurance I didn't need or I wouldn't buy the right policy. I finally decided that I was going to learn all I could about insurance policies so that I would understand exactly what I was buying. Now, I am completely satisfied with my insurance and the coverage is just what I need. I realized that there are others who are probably just as confused as I was, so I am writing this blog to help others get the best insurance for their needs and budget. I hope that my blog gives you the information you need to make the right choices when purchasing insurance.
Reevaluating your home insurance policy every few years is something many people fail to do, yet it is something that is very important. If you have not evaluated or updated your home insurance policy in the last few years, you should do so now. Here are several reasons why this is an important thing to do every two to three years.
Changes In Your Life
The amount of money you pay for your home insurance can be affected by changes that occur in your life. This is because home insurance prices are based on so many factors, and ultimately the price you pay is based on risk. Insurance companies have learned that age can play a role in this and so can marital status. Because of these things, it's important to let your insurance company know when changes occur.
One main change you should tell your insurance company--someone like Lanham Insurance Agency--is marriage. If you get married, call and find out if you now qualify for a discount on your policy. You should also get a new quote if you have a baby, if a child moves out of your home, or if you recently paid off your mortgage in full. All of these changes may offer savings on your home insurance policy.
Changes In Your Home
Anytime improvements are made to a house, you should update your coverage too. Improvements to a home can add value to a house, and your current coverage might not be enough after this occurs. For example, if you put an addition on your home, you may need to up your coverage amount to cover the newly added space. You may also need extra coverage if your home value rises from any other type of home improvement project.
Some projects you do to your home might qualify you for discounts. An example of this is replacing your roof. With a new roof, the insurance company might view you as a less risky customer, and this might help you save money on your policy.
Riders For Assets
Purchasing new assets is yet another reason why it is important to evaluate your home insurance policy frequently. On your home insurance policy, you will have a certain dollar amount of coverage for your personal belongings. If you purchase new assets, they may not be covered because of this. To make sure you have enough coverage for all your new assets, you should contact a home insurance company.
In addition, certain things you purchase may not be covered at all on your policy, and you might need to add riders to your policy to cover these things. An example of this is an expensive piece of jewelry you purchase. If the item is worth $10,000, you will most likely need a rider on your policy to cover this.
A rider lists the individual item and provides a certain dollar amount of coverage for the item. Depending on the things you own and buy, you may need multiple riders to have coverage on everything you own. Without these riders, you would not be able to seek compensation for these types of items if they were lost to a fire or robbery.
If you are not sure if you need riders, ask an insurance agent. The agent you speak to will be able to explain this concept more thoroughly and will be able to make sure your policy covers all your assets.
If you have not evaluated your home insurance in a while, now might be a good time to do so. If you would like more information on home insurance, contact an agency today.