Here are some steps you can take to review your homeowner’s insurance policy:
- Review your coverage limits: Make sure that your coverage limits are adequate to protect your home and personal property in case of a loss. This includes checking the amount of coverage for your dwelling, personal property, and liability.
- Check your deductibles: Review the deductibles on your policy to make sure that they are in line with your budget and that you are comfortable with the amount you would have to pay out of pocket in case of a loss.
- Review your coverage for additional living expenses: Make sure that your policy includes coverage for additional living expenses in case you need to temporarily relocate while your home is being repaired.
- Check for discounts: Review your policy to see if you are eligible for any discounts, such as those for having a home security system or being a non-smoker.
- Review the exclusions: Review the exclusions on your policy to make sure that you understand what is not covered, such as flood damage or earthquakes.
- Review the company ratings: Look up the company ratings from independent rating agencies, such as AM Best or Standard & Poor’s, to see the financial stability of the insurance company.
- Review the claims process: Review the claims process to understand how to file a claim, what documentation is required, and how long it typically takes to process a claim.
- Update your coverage: Review your coverage to ensure that it is up to date with any recent changes to your home, such as a renovation, a new addition, or new appliances.
It is always recommended to consult with an insurance professional to understand the coverage and exclusions of the policy, and to determine if umbrella insurance is appropriate for your specific situation.
Disclosure: Inclinevest is a Registered Investment Advisor in the state of Colorado and other jurisdictions where permitted. This communication is for informational purposes only and should not be construed as legal, accounting, and/or tax advice. Should you have any questions and/or issues in these areas, please consult your legal, tax, and/or accounting adviser. Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money. All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services.