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Why Review Your Home Owners Insurance Each Year?

“An annual insurance review should be part of your important financial planning each year.”

Insurance companies and agents are persistent about getting you to review your home owners insurance each year.  While this is likely something you don’t like to do, here are 5 reasons why you should:

1.       You want to make sure your coverage is correct.   Things change over the course of a year and you need to make sure you policies meet your current lifestyle.  Liability insurance is meant to protect you and your assets from a lawsuit.  As your net worth goes changes, you need to review your policy.

2.       You have improved your home.  Make sure your agent is aware of any improvements and document everything that you have done with photos.  If you had something bad happen you would want your home restored to the “new” changes you have made.

3.       You have purchased new items.  Expensive items like paintings, jewelry and electronics can add up.  Make sure you document all items you buy and schedule any items that are of high value.  If you have made a purchase of any item over $2000, check with your agent to see if it is covered.

4.       Your home resale value went down.  Most insurance policies have a standard inflation factor built in.  During the past few years when values went down, you might have called and asked to have your value examined and premium reduced.  You need to make sure you have proper coverage to replace your home and contents today.   Just because your house may be “underwater” doesn’t mean it will cost less to rebuild it.  In fact in our area, building materials went up on average over 23% last year- it may cost more to rebuild than you have coverage for.

5.       You haven’t talked to your agent in over a year.  Independent agents are doing quotes and looking at different companies all day.  They know when certain carriers are going up and down in premium.  A good independent agent can help you find the right coverage at the best price with a number of different companies.  You can change companies and keep the same agent when you work with an independent agent.

Talk to your agent at least once a year about your home insurance.  If you don’t know who your agent is or if you have questions; please feel free to give me a call.  I also offer a FREE “replacement” value analysis of your home to readers of this newsletter. 

Jeff Mays is an independent insurance agent representing over 25 insurance companies.  He is licensed in Washington and Oregon.  The office of The Mays Agency is located at 3305 Main Street, Suite 014, Vancouver, WA  98663.  Feel free to call:  360-718-9707 with any insurance questions.   Or visit our website for a quick auto or home quote:  www.TheMaysAgency.com

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