When was the last time you curled up with your homeowners insurance policy for a good read?
Insurance policies
— like proprietary leases, credit card terms and warranties for major home appliances
— usually end up filed away unread.
In fact, the first time many people read their policy closely is after they have a loss.
This is when they really read the detail on their specific coverage's. They discover what is and what isn't covered.
A recent article called appropriate "Updating Home Insurance Advised" takes a look at why updating your homeowners insurance from time to time is important. Like a lot of things, we buy home insurance (often as much because we have to in order to get a loan as out of a real desire to spend that money every month) and then don't think about it until we need it. It's important to realize that the insurance you bought a couple years ago might not be properly covering today's assets though. When homeowners take on a home improvement policy of any size, from a new electrical upgrade to a home addition, about the last thing they are thinking about is how this affects their homeowner's insurance policy.
People are too busy with building codes, orchestrating contractors, making design decisions, and trying to pay for the whole thing to even think about their policy. But any changes made to your home or investment property will increase the value and should reflect in your insurance coverage. Be sure to notify your agent of all major home improvements. The best advice about homeowners insurance can be summed up in one simple rule: buy the best you can afford and update your coverage every year -- or sooner if you’ve completed a major renovation or upgrade.
*One Last Very Important Note
As a Client of APM you must provide our office with a copy of your insurance policy naming Affordable Property Management as a secondary insurer.
We are currently going through our files and you will be notified if this has not been completed!
