How to Prep Your Insurance Policy for the New Year
Keep Your Insurance Policy in Line with Your New Year Needs
One of the most important New Year’s resolutions you can make is to conduct a thorough review of your insurance coverage. Doing so can help protect your pocket, home, and belongings, and helps you identify any gaps in coverage. To help, here are a few essential tips on how to prepare your homeowners insurance in Calimesa, CA for the New Year.
- Update your inventory
Before you review your insurance, consider looking over your home inventory. Be sure to add any gifts that you have received over the festive period and remove any items that you have donated or sold. This helps insurers better understand the coverage you need.
- Replacement cost or actual cash value?
Replacement cost coverage is generally preferred as it means the cost to replace the property with comparable material and quality used. Actual cash value accounts for depreciation, meaning that your items will be replaced at the depreciated value. Even if you have replacement cost coverage already, it’s vital to review it every year to account for changes in building material costs and other factors that can impact the replacement cost of your home.
- Consider additional coverage
As you’re reviewing your policy, you may realize that there are some gaps. Most commonly, flood and sewer backup coverage are excluded from standard policies. Consider the risk of your property being flooded or having a sewer backup incident. All it takes is a couple of inches of standing water to ruin your property and belongings. Flood insurance can be purchased separately and sewer backup coverage is available as an endorsement to your homeowners insurance policy.
With a little bit of help, your home insurance policy can be ready for the New Year ahead! To find the right home insurance to cover you throughout 2020 and beyond, contact the team at Little & Sons Insurance Services! Our dedicated team is ready to help you get the personal insurance you need.