Many people take their home insurance for granted. It just renews every year, and you may not even look at the policy unless, for some reason, there is an increase in your premium that is enough to get your attention. At Kinowski Agency Inc. in Amsterdam, NY, we think that part of our responsibility as your independent agent is to make sure your home policy meets your needs.
When to review your home insurance policy
When your new policy is sent to you at the time of your renewal, the top sheet is the declaration page. This is a synopsis of your policy. That is the ideal time to review your coverage when you receive it. You can see your property coverage, how much your liability insurance is, and the amount of deductible you have on your policy. You can also see any endorsements that you have on your policy and how much loss of use coverage you have.
Do the figures make sense with what you know about your home? The content coverage and additional outbuildings are an automatic percentage that goes with the property amount. It doesn’t include the value of the land. Have you done any major renovations? Have you added square footage? What are comparable homes in your neighborhood selling for?
What is your deductible? Is it the right amount for you? Has your net worth increased or added anything that may have increased your risk? Is your liability coverage adequate to protect your assets? You need to review if these have changed.
Now, look at any endorsements you have. Has anything changed? Extra jewelry coverage, sewer backup, and earth movement are just a few of the endorsements you may have added to your policy.
Contact Kinowski Agency Inc. in Amsterdam, NY, when you are ready to review your home coverage.