Every year a notice is sent from insurance companies to homeowners to renew home insurance policies. Many of us will simply sign the form without checking for any changes in our lifestyle situation, and whether those changes affect premiums. This is not the best way to handle your finances. Be sure to ask these four questions at renewal time.
Have you made any home appliances or electronics purchases in the last year? These new purchases may affect the overall value of your contents insurance and home insurance. Similarly, if you sold or got rid of any major appliances without notifying the insurance company, you could be paying for something you don’t own anymore.
Has the value of your contents increased? Some homeowner’s policies cover the replacement cost of items in a house. However with appreciating costs of valuables and labor, your insurance policy may not accurately cover all your house contents.
In the same way that the value of housewares has increased, the value of your house may have increased too. Have you added any extra rooms or other construction? Talk to your agent about how this would affect your coverage.
Have you made any changes to your home to make it safer? For example added an alarm system or deadbolts could decrease your monthly premiums. Your local crime rate as well as close proximity to a fire station could also be used to reduce premiums.
Your independent insurance agent can help you answer these questions, as well any others you might have about your home insurance coverage. You may even get a better rate by having us re-shop your quote. Contact us today for a Tulsa home insurance quote.