When was the last time you reviewed your insurance? The New Year is a great time review your policies!
Think about all the things that have happened in the year. Have you've gotten married, had a baby, added a pet to your family, sent a kid off to college, finished your basement, bought a trampoline, replaced your roof or made a big purchase like a diamond? If so your insurance is most likely out-of-date and it is time for a review. As a good rule of thumb, when there's a change in your life, more likely than not, your insurance will need to change, too.
During an insurance review, The Stanford Agency will go over specific details about your insurance policies to make sure that all your needs are met. Part of the value of your policy is that it comes with an insurance agent. The Stanford Agency can help you understand your policy, while making sure that you have proper coverage at the best price.
Here are some things that you might want to discuss during the review:
"Does my policy provide enough coverage to rebuild my home today?"
Many homeowners purchase an insurance policy when they first move in, but they may not understand the importance of periodically reviewing it or reassessing their needs. It's an oversight that can ultimately lead to a gap in their coverage.
For instance, you may have insured your home for $200,000 when you first bought it. A decade later, your home may cost $300,000 to rebuild. That's a $100,000 gap in coverage—which could leave you without the proper resources to rebuild in the event of a loss.
"How does a newly finished basement affect my policy?"
A finished basement may not only increase the cost to rebuild your home, but it may also require additional coverage to protect items from water damage. For example, optional water backup coverage will help protect new furniture and carpet in your basement if a sump pump breaks or a drain backs up.
"Does my policy provide enough coverage for landscaping or outdoor appliances?"
Installing a new sprinkler system, a larger storage shed, a new pool or hot tub, or buying a substantial backyard grill or riding mower are outdoor changes that may require a homeowner's policy upgrade. Updating landscaping and purchasing new lawn equipment or outbuildings can be significant investments that should prompt a coverage review.
Do I need extended coverage for valuables?"
Your existing policy provides standard coverage for your home and belongings, but this coverage may not be sufficient for all your valuables and is frequently overlooked. For instance, you may need additional coverage for wedding rings, family heirlooms and antiques, musical instruments or artwork in your home.
"Do I qualify for discounts?"
An annual insurance review can also be an important opportunity to ensure you are receiving all possible discounts on your homeowners policy. For example, you may qualify for a discount if you have installed a security system or a smoke alarm.
Contact The Stanford Agency to review your policies! We are here to help!
(732) 924-6999
info@stanfordagency.com