Carrying sufficient homeowners insurance coverage is extremely important because insufficient coverage can cause problems in case of claims. There are many things that can change how much coverage you need, so you need to review it at least yearly or when major life changes occur. An important part of reviewing your insurance coverage is getting competitor’s quotes and you can do that quickly and easily with a free online quote tool like the one above.
If you carry insufficient coverage on your homeowners policy, you will not receive the full amount you have insured it for when you make claims. For example, if your home is valued at $500,000 and you have it insured for $250,000, it is only insured for 50% of its value. Therefore, if you have a partial loss and it costs you $100,000 to repair and/or replace the loss, you will only receive $50,000 minus your deductible from your insurance.
Exclusions or limitations on liability are placed on certain perils, especially if you live in areas where they commonly occur. However, if you live in these areas it is even more important that you protect your home and its contents from these perils. Therefore, check to see that you have sufficient coverage and if not, get it, especially if you live in areas where these types of losses are common:
It is necessary to review your coverage on a regular basis to make sure that you are carrying enough coverage to adequately protect your home and belongings from loss. Some indicators that it is time to review your policy are:
When it is time for you to review your homeowners insurance coverage, it is time to get quotes from other insurers to make sure your company is still offering you the best rates possible. Return to the free quote tool at the top of this page and you can get started on it now. By simply inputting your zip code and answering some questions, you will get a number of quotes from top area insurers.