The value of your home is very important information to be aware of. During the last recession many people found out how critical this information can be. As home values plunged it became clear to many homeowners the investment they worked so hard for was drowning. At the present moment home values are actually rising. This is great news for homeowners and the U.S as this means the dream is still alive. It also means that owning a home is still part of the American dream. This is why it is vital for homeowners to assure they are properly insured. An Insurance Review allows you to do a sort of health check on your home coverages.
An Insurance review should be conducted every year because of the fluctuations in home prices. Your agent should do a replacement cost estimate before writing the policy or while conducting an insurance review. Why is this important? Well the replacement cost is what the insurance companies will pay if the home would have to be replaced. It pays up to the replacement cost so this number is very important. Let’s look at an example of how this works and why an insurance review is so important.
According to www.floridarealtors.org the average home sales price was $277,170 in 2015. According to the same website home sales price averaged at $299,292 in 2016. Now let’s make it clear this is not the replacement cost but means the replacement cost of a home sampled in this website went up in value changing how much an insurance company will pay. This is just one example of why conducting a homeowner’s insurance review is so important.
1. Other reasons for conducting an insurance review and checking prices.
• New roof
• New additions
• New alarm systems
• Pluming updates
• Addition of security windows
• Purchase of new jewelry
• Change in personal financials
• Addition of gates
• Addition of pools
• Death of partner
• Any concern of added liability
• New dogs
These are just some of the reasons for conducting an insurance review. Even if none of the above has taken place remember insurance companies lower rates in certain years as well as increase. An insurance review can help you save hundreds of dollars at times. Shopping with multiple companies can give you many options. Ask your agent for a insurance review. Because if they won’t review you policy I will.
Julio C Caba 220 insurance agent