Your homeowners insurance policy is designed to protect your home and possessions in case they are damaged, stolen, or destroyed. Having the right amount of coverage for your possessions and your home is key to ensuring that you are not paying too much for coverage or at risk for not having enough coverage. Therefore, I recommend that you review your policy every year and make adjustments to your coverage if needed. Here are some of the key reasons your coverage needs might change.
- Many people in West Hartford, Connecticut are remodeling their homes, particularly by upgrading their kitchens. After you make changes to your home, you need to review your policy to ensure that you have enough coverage for all of the improvements you made.
- Big-ticket items often depreciate in value as you use them. That computer you bought several years ago and insured with a floater is probably not worth what it was, and canceling the floater can save you on premiums. Review your floaters once a year and determine whether you still need them.
- You may receive items that should be listed on floaters, so review your policy once a year to make sure all of your expensive items above the limit for the coverage on possessions are listed separately with floaters. For example, jewelry is something that people in West Hartford, Connecticut often list under a floater on their policy.
These insurance tips can save you money if the value of your possessions decreased during the year, but they can also increase your premiums if you added valuable possessions. However, the small increase in premiums is well worth it because you can rest assured that your home and possessions are fully covered if you have to make an insurance claim.