Updating your homeowner’s insurance doesn’t have to be complicated. Consider a few helpful tips that will make you feel knowledgeable and protected.
Start With A Local Agent
Let a local, independent Mel Foster Insurance agent gather and compare insurance quotes from multiple carriers for you. The agent will assess your home coverage needs to help you avoid potential gaps in your protection.
Know The 80% Rule
The 80% rule means that an insurer will only cover damage costs to a house if the owner has coverage equal to at least 80% of the house’s total replacement value. If the coverage is less than 80%, the insurance company will only reimburse a proportionate amount of the required minimum coverage that should have been purchased. Because improvements to a home and inflation affect home values, homeowners should review their insurance policies periodically to ensure their coverage meets the 80% rule.
Talk with your Mel Foster Insurance agent about bundling, or determining what discounts apply if you also purchase additional policies such as auto or life insurance. Bundling can help you save money on your premiums.
Maintain Home Inventory
An easy way to maintain a home inventory is to take pictures of each room of your house every year. That may mean making it a habit on New Year’s Day. Photos of your belongings will make a significant difference if you suffer an accidental loss.
You Get What You Pay For
The cheapest coverage isn’t always the best. When comparing insurance quotes, look carefully for different coverage dollar amounts and always read the fine print. The lowest priced option may not give you the coverage you need. The goal is to put coverage in place that safeguards your valuables while providing peace of mind.
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