I’ve been in my house a really long time; what does that mean for my insurance policy?Well, unfortunately, for many homeowners, it means your policy is outdated.And so that’s another reason you want to do an annual insurance review.Let’s say you purchased your home years ago and you spent $, to build it,and today it would cost $, to rebuild it — that could be a big gap in your coverage.
Other things that can happen from year to year is you may finish a basement, you may rebuild your kitchen.Those two things would increase the coverage amount that you would need on your home.Okay, so then do I need to purchase extended coverage? Extended coverage can be purchased for certain things that may exceed the limits of your normal policy.So an example of that would be an expensive wedding ring or expensive wedding set that is worth maybe.
You may have an individual limit for an individual piece of jewelry of say $,. That could be a coverage gap that you would have.Or you may have an expensive set of golf clubs or something like that.Can you tell me what about liability and homeowners insurance? That’s a Compare Cheap Home Insurance. The liability portion of your homeowners insurance really covers you in the event that you’re sued for somebody being injured on your property or if you are responsible for destruction to somebody else’s property.What do you say we go to your house, do a walk through,and I can illustrate some things that could affect your insurance rates and your coverages?
I think that’s a great idea.Excellent. Let’s go.One of the great things about doing an annual review is to make sure you’re getting all the discounts that you qualify for.In fact, I see you have an alarm system here; along with smoke detector sand fire extinguishers, you could qualify for a discount just by having that.