As I am sure you have seen on the news, 2017 was the worst year for catastrophic events in the history of insurance. The estimates show that over $340 billion in insured damage was caused in 2017.
Many cities in the United States were devastated by freak hail storms, wild fires, unpresented flooding, tornados, earthquakes, hurricanes and winter storms. Additionally, there were extreme weather events in areas all over the world.
No one knows for sure what is causing these events, but one thing we can all control is being prepared if an event occurs. One way to prepare is to ensure you have adequate insurance coverage limits on your home policy.
We encourage our clients to regularly review your insurance policies to confirm that your current coverages are sufficient and that you, your family, and your property are protected.
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You should be able to answer the following questions about your home insurance:
- What are the current coverage limits on your home insurance policy?
- Do you have replacement cost on contents coverage on your policy?
- Is your screen enclosure covered by your homeowners policy?
- Since floods are not covered by home insurance, do you have a flood policy that covers you up to the limits of your home policy?
Additionally, it’s important that you keep us updated on any changes to your home. When you are reviewing your insurance policy, you should also ask yourself:
- Have you recently completed any renovations to your home?
- Are you renting your home at any time during the year?
- Have you recently paid off your mortgage?
If you can’t answer the questions about your insurance coverage or you answered YES to any of the questions about changes to your home, it’s time to schedule a home insurance policy review.
A policy review takes about 30 minutes and during that time we will go over your current coverage. Ask us any questions you may have about your policy and we’ll make recommendations to ensure you are adequately covered.
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Did you know that on average homes are 30% underinsured at the time of a claim? Don’t get caught without enough insurance. The cost to increase your coverage limits is normally minimal.
As your insurance agents, we are here to help you with all of your insurance needs. We appreciate your business and wish you a prosperous 2018!