Save Money by Doing a Home Insurance Policy Review

Many of our clients are especially conscious of making smart money decisions right now. With inflation and consumer costs on the rise, have you explored opportunities to save money? There’s plenty of advice out there about how to trim costs — but one frequently-overlooked practice is reviewing your homeowners insurance policy. Homeowners tend to get a policy when they purchase a home, but then they never return to the policy to make sure it’s up to snuff (and that they’re not overpaying).

When was the last time you checked to make sure you’re not overpaying for coverage you don’t actually (or just no longer) need? Alternatively, maybe you’ve made some big investments on jewelry (like an engagement ring) or art, you’ve made home improvements, or added a dog to your family. Does your policy cover these?

This is why we recommend doing an annual home insurance policy review. Here are some questions to ask yourself as you start:

• Do you have a copy of your policy? If not, contact your agent to get one and make sure you keep it somewhere accessible.
• Are the things that matter most to you fully covered?
• Have you done home renovations or made upgrades?
• A home insurance policy isn’t just about your house – it also covers possessions. Have you made big purchases like jewelry or art that now need to be included in your policy?
• Have you added a dog to your family?

If you have an insurance agent, give them a call to review any changes you need to make. They’d love the conversation! After talking with a lot of agents, we compiled a list of the most common questions and issues from homeowners. This might not include everything that’s relevant to your home, but it should be a good starting point for a chat with your agent:

• What is the estimated cost to rebuild your home? Good agents will have square footage estimates for your area.
• New roofs can provide a significant discount. If you have a new roof, you should review the cost of your insurance with your agent.
• Does your policy include hidden water and foundation leaks?
• Is there a limit on water damage?
• What are your coverage options for jewelry, art, or other expensive possessions you’ve recently purchased?
• Is coverage included in case of an accident on your property?
• Is there coverage for freezing that extends to the pool?
• If you’re a dog owner, what coverage does your policy offer for incidents like dog bites?

If you’re looking for a new home insurance agent, you Sente Mortgage Banker has you covered — reach out today.