It can be so rewarding to be a homeowner, but the life of a homeowner can be full of unknowns. The good news is that your property investment can be protected by homeowner’s insurance, even if something unexpected occurs. If you are a new property owner in Renton, WA, or are concerned about the coverage of your current policy, here are five tips to help ensure you get the most out of your home insurance policy.
1. Review the Covered Risks
Whether you are obtaining a new insurance policy or your existing policy is up for renewal, you need to take the time to review the specific risks that are covered. Ultimately, it is important to ensure that your policy covers all of the standard perils like storm damage, fire, theft, and vandalism. In the event that you live in an area that faces unique dangers like floods and earthquakes, you should speak to All Nations Insurance about policy add-ons to ensure you are properly covered.
2. Update Your Personal Belongings Regularly
There are belongings inside of your home like furniture and electronics that your policy will pay for if damaged—up to a certain limit. However, you need to ensure that you keep an updated inventory of your personal property. After all, you never know when damage may strike, and you will want to ensure that newly purchased piece of art is covered.
3. Check Out Potential Discounts
While reducing coverage is a way you can save money on your home insurance premium, there are other more sensible ways to do so. Speak to your All Nations Insurance agent to find out what discounts may be available to you. You may be able to replace your roof, install a security system, or bundle all of your insurance policies together and save a considerable amount of money.
4. Determine the Proper Replacement Cost of Your Home
In the terrible event that your home is unlivable as a result of a covered risk, your homeowner’s insurance policy will pay to replace the property up to a certain amount. If this replacement cost is underestimated, however, your insurance claim check may not be enough to cover the property rebuild or a similar home purchase. Therefore, when determining the replacement cost of your home, do not assume this amount should be how much you paid for the home. Instead, focus on how much it will cost to build a new home.
5. Update Your Policy Before Improving Your Home
Your home can be exposed to a variety of risks that the standard homeowner’s insurance policy will not cover when you perform major repairs and renovations. With that being said, if a renovation is in your future, sit down with your insurer to find out if you need any kind of temporary and additional coverage for the duration of your project.
Serving Renton, WA, All Nations Insurance can help you get the most out of your homeowner’s insurance policy. Contact us today to discuss your insurance needs.