One of the first things that the homeowner did after purchasing the property was to secure insurance coverage. That was quite a few years ago, and some things have changed. Now is the time to determine if there is the need for additional Houseowner Insurance. Here are some indications that having a word with an insurance agent is in the best interests of the client.
Cost of Replacing the House
There is no doubt that replacing the house today would cost more than it did a couple of decades ago. Between the increase in the price of materials and the higher labor costs, it is not unreasonable to think the overall replacement expense would be double what it was back in the day. Take a good look at the current Houseowner Insurance and look at the limits that apply to rebuilding after a catastrophic event. Unless that limit is high enough to cover the cost of rebuilding after a fire or some type of natural disaster, it is time to increase the coverage.
Covering Additional Rooms
Since the original purchase, the homeowner has added onto the house. The additions include converting the attic into a spare bedroom, adding a sun room across the back of the home, and even adding a wing that is now home for an aging relative. While the homeowner may think that the current insurance policy covers all those additions, it pays to not make assumptions. Sit down with an agent and determine if those new spaces are also covered under the terms and conditions. If they are not or if the overall coverage is now less than enough, it is time to make some changes.
Remember that home insurance is intended to provide the maximum amount of protection when certain types of events take place. Do not assume that the coverage purchased years ago is still enough. Call the Gilmartin Insurance Agency today and arrange to go over the current policy with a professional. Doing so will make it clear if the time has come for some upgrades or additions to that coverage. Once the necessary changes are made, the homeowner can relax and rest assured that help will be there if it is needed.
