Choosing Better Insurance Coverage

Few things are more important than having the right insurance coverage. About ten years ago, I was involved in a near-fatal crash where I experienced traumatic physical and emotional injuries. It was really challenging for me to endure the hospital stay and subsequent physical rehabilitation, but with the help of my medical team and my insurance company, I was able to overcome the challenge and completely recover. This blog is all about the importance of choosing the right insurance plan so that you can get on with your life and enjoy those precious years with your family and your friends.

What To Consider When Renewing A Home Insurance Policy

Insurance Blog

Has the time come to renew your home insurance policy? This is a great time to take a close look at what you're paying for and make some potential modifications. Here are some tips for what you should look at and review with your home insurance agent

Your Coverage Needs

The coverage for your home was originally decided based on what you had at the time of your previous renewal. That's why it is worth thinking about what has changed in your home over the past year and if you need additional coverage. This will increase your premium in most situations, but you want to make sure your entire home is covered. 

For example, you may have remodeled your basement and now you have a newly finished space that needs to be insured. You may have purchased items that are not covered as normal personal property, such as expensive jewelry, and now you need a rider to cover it. Don't be afraid to ask your insurance agent when in doubt, because you don't want to find out you don't have coverage when you make a claim. 

Your Deductible

A home insurance deductible can be based on a flat fee that is paid when you file a claim, or it is based on a percentage of your home's value. It's worth taking a look at what your deductible options are to decide if one works better for you than the others. This is often the case when people have a percentage-based deductible, which can increase as the value of the home increases. 

Your Bundled Coverage

Did you purchase another vehicle over the past year and insure it with another provider? You may be able to save money by bundling your coverage with the same company. The same can apply to any life insurance policy you are looking into purchasing since it is another type of coverage that can be bundled together for additional savings. 

Your Credit Score

It is worth telling your insurance provider if you had an improvement in your credit score since you last applied for coverage. A better credit score can actually result in a lower premium because you are viewed as less of a risk and more of a responsible adult. This may have been done by paying off debts or simply cleaning up errors that were on the report previously. 

Reach out to a home insurance agent for more information on renewing your policy. 


1 August 2023