A Home Insurance Review is Protection From Coverage Gaps

Home Insurance Review

There is no time like the present to do a home insurance review. Honestly, it’s a great way to make sure you’re family’s belongings are protected.

You’re likely asking, why do I need to check-in with my insurance agent for an annual review?

Check out the benefits of an annual home insurance review.

If you’re like so many homeowners, you purchased your home insurance policy when you purchased your home and haven’t made a chance since, but things can change, and a periodic review will assist in reassessing that your insurance coverage still aligns with your needs.

In many cases, this oversight results in homeowners having gaps in coverage.

Not sure how?

Check this out, let’s say you purchased your home 10-years ago and the replacement cost was valued at $200,000, and you’ve had the same home insurance policy since you closed escrow. But over that 10-year period, due to inflation and changes in building costs, it now costs $300,000 to rebuild you home in the event of a covered loss.

That’s a whopping $100,000 gap in coverage. And that would create tremendous financial burden in the event of a fire loss.

Another common change that occurs are renovations and upgrades, this could be as simple as new furnishings to a total kitchen remodel. During a home insurance review you may discovered that changes you’ve made to your home have increased the replacement costs valuation.

Without a proper home insurance review you may not discover this and your home and belongings may not be fully protected.

When talking with your insurance agent about your home insurance review

A home insurance review doesn’t need to be a painful, long, drawn-out and involved process. That’s just NOT how it’s done, and not what the experience is designed to be.

You can get a home insurance review done, and have the knowledge you seek, and get the comfort that you’re home insurance needs are met, with a single phone call or visit with an insurance agent.

When you do meet with your insurance agent, here are the 4 things you’ll want to discuss:

  1. Does my current home insurance policy provide enough coverage to rebuild my home?: Because so many homeowners purchase their home insurance policy when the first buy their home, they are surprised to learn that the current policy is outdated, and doesn’t provide the proper replacement cost for their property.
  2. Does my home insurance policy provide enough coverage for landscaping and outdoor appliances?: It is likely that you have installed new, modern upgrades to your home, like sprinklers systems, new storage sheds, a pool or hot tub, or a built-in barbecue grill. These are examples of outdoor items that may have changed or need to be added to your home insurance policy.
  3. Do I need a personal item floater, or to schedule personal items?: Each home insurance policy has sub-limits for valuables like jewelry, firearms, silverware, and other valuable belongings. These types of items are frequently overlooked, and are the most common forms of personal property that is insufficiently insured. Examples of things that are typically overlooked are, golf clubs, wedding rings, family heirlooms an antiques, musical instruments, and art. If you have a home based business, you may also need to endorse this onto your policy to cover your business personal property.
  4. Do I qualify for any home insurance discounts?: During an annual home insurance review you have a great opportunity to ask your insurance agent if you’re receiving all available home insurance discounts. The upgrades and renovations to your home aren’t the only things changing. Sometime new discounts get introduced that you may now qualify for, or changes like installing a security alarm, or roof upgrades can qualify your home insurance for a discount. If you don’t insure your car with your home insurance company, most companies offer substantial multi-policy discounts if you insurance your home and auto insurance together, the insurance review is a great time to consider bundling.

Bringing it all together

You should think of your home insurance review like you annual spring cleaning or maintenance. An annual home insurance review will go a long way toward protecting what is likely your biggest investment … you home.

Your local insurance agent will know the details of coverage for your community, your city, and your state, and can help make sure you add a bit of “peace-of-mind” to your home ownership experience..

When was the last time you reviewed or updated your home insurance policy?

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Physical Address:
17901 Von Karman Ave, Suite 600
Irvine, CA 92614

Mailing Address:
PO Box 62436
Irvine, CA 92602

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Copyright IronPoint Insurance Services, LLC | California License No. 0G87821 | PO Box 62436, Irvine, CA 92602 | 877.334.7646

IronPoint Insurance Services is an independent insurance agency licensed (#0G87821) with the California Department of Insurance. We are authorized agents for many A+ rated Arizona, California and Utah insurance companies. We provide consumers with online, phone, and in-person insurance services through our insurance company relationships. IronPoint Insurance Services, LLC offers multiple insurance quotes to provide consumers several options for their insurance products. We offer auto insurance through Mercury Insurance Group, Travelers Insurance Companies, The Hartford, MetLife Auto & Home, and Progressive Drive Insurance. We are authorized insurance agents for these companies and do not charge any fees for our services. If an IronPoint insurance agent trys to charge you broker or agency service fees for representing these companies, please contact us immediately.

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