Checking Up on Your Home Insurance

July 10, 2012

Have you looked at your home owner’s insurance policy lately?  Chances are you haven’t…  But don’t be alarmed, I doubt that most consumers have looked at their home owner’s insurance policies since they first got them when they bought the house.  However, it is something that you should look at from time to time, to make sure that the policy is still correct, and that you are getting the best rates.

Insurance Needs Can Change

Over time, your insurance needs are bound to change as your family and lifestyle changes.  When you first move into your new home, chances are you don’t have a lot of stuff.  As such, you may have opted to have very little personal items included in your insurance policy.  However, over time, and with a larger family, you have probably amassed more items, which are naturally worth more.  As such, you may need to increase the amount of personal property insured by your policy.

Also, chances are that when you first moved in, you never thought about personal liability.  Many home owners’ policies include liability coverage in case someone is injured on your property.  However, now that you’re older, you may have a lot more assets, and you could have some people employed for you – maybe a maid or gardener.  As such, with your risks and assets both higher, you may want to opt for more liability coverage.

Insurance Rates Can Change

Also, over time insurance rates can change.  Be aware that they could go up or down, and you don’t want to call your insurance company in case your rates have gone up and they want to charge you the higher rates.  You should always shop around with other companies, like first.  Then, if the rates elsewhere are lower, check with your own insurance company before switching.

Finally, you may want to look at increasing your deductible.  When starting out, you may have opted for a low deductible to save money in case anything happened.  Now, you can probably afford a higher deductible, and it will save you money in premium payments.