Here’s everything you need to know.

When you renew your home insurance, it’s a good idea to review your coverage again. You might think that you’re just getting the same policy for another year, but this is actually a great opportunity to shop around for the best possible policy and make some changes.

As a first step, it’s always a good idea to get familiar with your policy. If you need help getting started, here’s a quick read on the basics from our blog.

Use this list to help make sure your current policy is still the best fit for you and your business.

Your deductible amount is important because it determines the amount of money you’ll have to pay out of pocket before your insurance policy pays for any claims. If your annual deductible is a percentage, find out what that percentage works out to be annually and see if it’s something you can afford. While higher deductibles will result in lower monthly premiums, remember that if you file a claim, you’ll have to cover more of your losses upfront. Start with your current deductible and either increase or decrease it based on your budget and needs.

Always cover the roof:

If you’re like the vast majority of homeowners, eventually your roof will need to be replaced. When this happens, your insurance company might switch coverage from replacement cost to actual cash value (ACV). AC change to ACV coverage has major implications for how much you’ll get in a claim. So it’s always important to commission an inspector to double-check the condition of your roof and make sure your coverage is what you need.

Make sure you check for any errors:

It’s important to thoroughly review all of your insurance policy information. Be sure to fill in all fields accurately- last names, addresses, age of the home, square footage and type of build are the most important ones. These details are used by insurers when determining the value of a home and coverage amounts. You’ll want to update this section if you’ve recently added an addition or built a pool to avoid coverage issues down the road.

Home insurance policies cover a lot, but there are some events that may not be covered by your regular home policy. Flood or earthquake damage is likely not covered under your average home insurance policy. If you ever experience flood or earthquake damage, you will end up paying for it out of pocket or filing for insurance reimbursement. One inch of water can cost up to $25,000 to clean-up and repair – this expense is one that you do not want to find out after you go to file a claim with your insurer but they inform you that your coverage doesn’t cover the event. You can learn more about flood insurance on our website, as well as other coverage types that may be right for you like earthquake coverage.

Just be sure to work with a trusted insurance company and understand your policy before signing anything.

Contact Us Today To Get The Right Insurance At The Best Price

Integrated Insurance Solutions – 843-444-1155