A large amount of homes in the US are underinsured. Keeping your home insured properly can save you a lot of anguish later when you are making a claim and it is not covered. Gregg S. Marcus, a Long Island Insurance Executive shares five steps you can take to assure that your home isn't underinsured.
1. Know Your Policy and Coverage:
Your policy type should reflect your home's needs. For example, if your home has special features such as hardwood floors and carved moldings, you will want to have special coverage for these features. It is always important to understand the basics of your policy. Make sure your policy covers a wide variety of perils. Also discuss what other types of policies are available with your agent to compare coverage.
2. Keep an Eye on Housing Prices in Your Neighborhood:
Your home insurance policy amount not only provides liability protection, it also insures the building structure and possessions. Most policies include annual built-in inflation protection that will increase the amount you are insured for. This may not always reflect the current value of buildings and homes in your area. Keep an eye on the local real estate market to make sure you are being insured for the right amount.
3. Assess Your Personal Property on a Regular Basis:
It is important to review the value of your possessions, such as computers, boats and jewelry, which all have only limited coverage in a standard homeowner's insurance policy. If you know the approximate value of your personal property, then you will know whether you need to buy additional coverage.
4. Keep Your Agent Informed of Remodeling Projects:
Those weekend projects that you have been working on are driving up the cost to rebuild your home. Make sure to keep in contact with your agent regularly about past, present or future planned remodeling projects. Your agent should be able to give you an estimate of how a specific project will affect your insurance premiums!
5. Be Aware of Available Additional Coverage:
With all of the natural disasters that have happened lately, you will want to be sure your policy covers all possible scenarios. Considering an umbrella insurance policy will give added protection that you aren't getting on your current policy. Also, if you conduct any kind of business from your home, you may consider special home business insurance.
If you would like a quote on a homeowner's policy or an umbrella policy, contact Gregg S. Marcus today. He can get you quotes for any of your insurance needs in Nassau County and Suffolk County on Long Island, NY.
By: Gregg Marcus
http://greggmarcus.com/contact
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