With the tax season upon us, it is a great time to reevaluate your Homeowners Insurance Policy. Many homeowners don’t realize this is a task that should be undertaken every year. Below are several reasons for reviewing your insurance.
- Home Values Change: Several factors affect the value of your home (market trends, improvements, economics). If your home value increases, it is important to update your policy to ensure adequate coverage.
- Liability Coverage: Check current liability coverage and if it falls below your current net worth, or what you could lose if someone is injured, it should be increased.
- Disaster Risk: With “once in a lifetime” weather events occurring more frequently in certain areas due to climate change, you may decode there is a need for additional insurance coverage.
- Renovations & Improvements: Many homeowners make improvements or upgrades to their home. These changes may increase the cost to rebuild in the event of damage/ loss of your home and may need to be updated to reflect current cost to rebuild.
- Exclusions: Insurance policy exclusions limit a homeowner’s coverage. Annual review allows you to better understand your coverages and adjust as needed. Being prepared is a homeowner’s best defense against losses.
Annual policy reviews safeguard you and your investment against being under-insured at the time of a disaster. If you are preparing for a home sale or want to know the value of your home in today’s market, contact the professional Personal Relocation Managers (PRM’s) at Moving Station to obtain a “no obligation” home valuation review.
Sources: NAR, Realtor.com, Baird & Warner, CBIZ
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