Spring Cleaning Your Homeowners Insurance Policy Can Save Your Home and Save You Money

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Spring Cleaning Your Homeowners Insurance Policy Can Save Your Home and Save You Money

March 20, 2014- Orlando Florida – Spring is here and many of us dread the tedious chore of spring cleaning. As you’re cleaning out your closets and the garage, take some time to think about what you have and how much value you place on it. Spring is a great time to revisit your insurance portfolio.

Over the past year how much new “stuff” has been purchased to replace the old you are discarding? Do you have, and can you put a price tag on your valuable possessions? To keep your insurance portfolio up to date, it’s important to figure out the value of your belongings keep a comprehensive record of the contents of your house and their value, especially if you have contents or collectible items that increase in value over time. If you neglect to review your policy periodically you could end up underinsured.

You may have a small comfortable home, a condo or a million dollar mansion. Either way, the rules are the same when it comes to knowing what your household is worth so you can get paid should you experience a partial or total loss of contents.

Do you have a list of all the contents? Do you have serial numbers in case of theft? Do you have proof of value of fine arts and jewelry? This may be helpful if you need to file a claim.

If your policy is renewed annually, it’s worth taking a look over the details and assess whether any of your circumstances have changed since you took out the policy.

You may have added to your outdoor entertaining space or outdoor leisure space for the spring and summer months. New maintenance equipment, home additions, BBQ built-ins, screen porches, pools, spas and patios are some ideas. How do these affect your policy, if at all? Look to see how depreciation of equipment for example may affect your premium or if the estimated re-build cost of your building may have changed and adjust your coverage accordingly.

Taking the time to Spring-clean your insurance policy cannot only potentially save you money, but you may also streamline and improve the protection you have.

Here are some tips for spring cleaning your insurance and making sure your polices are up-to-date and offering you the protection you need:

Take a look and see if there have been any changes in your life since you last reviewed your coverage with your agent. Here are a few things to consider:

  1. Have you recently married
  2. Had a new baby
  3. Sent a child off to college
  4. Purchased a new automobile
  5. Remolded your home
  6. Changed jobs that increases your mileage to work
  7.  Renovated your home
  8. Purchased new electronics (computers, TV’s, sound systems etc…)
  9. Installed security equipment
  10. Have a teen with a driver’s license that will be using vehicles

 

All of these and more are idea of life events that could change your insurance coverage needs.
While you are spring cleaning you can also do things that may help you save money on your coverage. You can update fire alarms and extinguishers, remove clutter or materials which can cause fires, fix faulty steps that may result in an injury, check operations of household heaters vents, electric lights, and outlets. This is a good time to clean gutters, repair windows and shutters to avoid structural damages. Take this time to review maintenance issues when you’re cleaning.

Let us look into various coverage in detail:

Dwelling Coverage: This refers to the structure you are living in. It could be an apartment, condo, modular home, an independent house or any other related structure. Dwelling coverage is the amount offered by the Florida insurance agent to rebuild or repair the house. This covers only the structure and nothing more than that. You can use this coverage to rebuild, make changes or upgrade your home.

Personal Property Coverage: Personal property can be anything ranging from the home appliances to your personal jewelry or clothing. Mostly the agents offer 50% to 70% of the dwelling coverage as the personal property coverage. When you choose to opt for this coverage it is advisable to draft an inventory consisting of all the important belongings in the house. This would help you during any future claims. You can even take photographs of the belongings or shoot video and store it in a safe place. This inventory will help you to get a clear idea of the value of those items.

Other Structure: When the insurance agent says that other structures are also covered, it could mean any other part other than the main house. It could be anything like a car shed, stable, barn or anything else within the premises. The companies usually offer 10% of the dwelling coverage the claim. If you want this amount to be more, you will have to pay higher premiums.

Additional Expenses Coverage: When your house is damaged due to a fire, explosion, and flood or for any other reason becomes un-livable, you might have to stay for a few days or weeks in a hotel. So, who is going to bear the cost for it? The insurance agents, of course. You get about 20% of the dwelling coverage as additional expenses coverage

Besides these the personal liabilities and other coverage protect you from injuries occurred to you and others due to your home. If any accident happens you must immediately file a claim with the insurance company to cover the damage. The company visits and evaluates the loss and determines the value you get. To stay covered you must renew your policy and pay the premiums regularly. This not only ensures a long life to your property but also lessens your burden and gives you peace of mind.

Now that you know the reason why you should chose 407insurance.com for homeowners insurance, call the representatives or drop an e-mail requesting a free quote. You may even request the representative to visit your home for a deeper analysis before looking into the clauses and the policies.

For a review of your current Homeowner’s Insurance policy please contact us at:

Insurance Group: 3070 West Lake Mary Blvd Suite 124 Lake Mary, Florida 32746

Phone  (407) 324-5662(407) 324-5662

 

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