Many people rely on their agent when it comes to evaluating just how much coverage they need to adequately insure their property and belongings. But, have you ever actually considered just how much you have invested, not only in the structure of your home but also in the contents or all of those tools and other items that are stored in your garage or shop? These are things we accumulate over a lifetime, and they add up in a hurry.
Some studies have shown that possibly as many as two-thirds of homes in the U.S. are underinsured. Moreover, if there is a mortgage company involved, they are only interested in making sure that you have enough insurance to cover the loan. This doesn’t take into account any additional monies you have invested above the mortgage amount or any improvements or upgrades made in the meantime. What you should consider when evaluating adequate coverage is how much would it cost now to rebuild your home if you sustained a total loss. Jump in with both feet to research and accurately estimate the amount of coverage you need and discuss this information with your agent.
Likewise, it is also that time of year when lots of parents are sending kids off to college in other cities. Rental insurance or an endorsement to your homeowner’s policy are both simple and very inexpensive ways to make sure that your student’s personal property is covered if there is an incident that results in a loss. When these types of events occur, it is such a shock, the least you can do is not have to worry about replacement costs.
When it comes to insurance, lots of folks are interested in the bottom dollar – how much are the premiums. Insurance agents are premiums lovers! Nonetheless, there are lots of ways to save money on the premiums that don’t have to include skimping on coverage. Take the bull by the horns and make sure that you have the right amount of coverage to adequately cover any loss before a loss occurs and it’s time to face the music.