Overbay Insurance
219 Walnut Street
Waynesville, NC 28786

Fax: 828.452.5995

 When you buy a home, your lender will probably require you to buy homeowners insurance. However, in the rush to complete arrangements, you might not take the time to really examine your coverage. Therefore, while your policy might prove adequate, that does not mean it is as customized as it can be. Therefore, you will need to take time to review your policy periodically. If you review your coverage once per year, you can make critical changes and updates to reflect the true value of your homeownership. Keep these important tips in mind when reviewing your coverage.a house with trees in the background


1. Make Sure Your Policy Offers Enough Coverage


You might only have lived in your home for a few years. However, you might have spent considerable time and money updating property. After all, customizations are what make a house a home. However, with these changes and additions come added value. Therefore, the coverage within your current policy might no longer be up to par. As a result, this might be a time to increase your coverage. You might need to both update your coverage limits and add special endorsements to your policy to ensure adequate protection. Your agent can help you evaluate your property value to ensure you choose the right limits. 


2. Insurance Policies and Procedures May Have Changed


Insurers often review both their policy offerings and their claims procedures. Therefore, while your coverage might not go away, how you use it might change a bit. If a company change affects you, then the insurer will usually let you know ahead of time. However, you can use your annual policy review to clear up any inconsistencies or misunderstandings you have about your coverage.


3.You May Qualify for Discounts


Your homeowners insurance premiums might change each year, perhaps due to inflation or a claim you made on your policy. By reviewing your coverage with your agent, you can see if you have any solutions to keep your policy affordable. Some of these might be policy discounts. 


During your review, your agent can see if they have any new discounts to apply to your policy. If you have had any life changes, such as improved credit, then you might qualify for more savings. As a result, you might be able to take advantage of a discount that can further reduce your cost burden. 


Every year, take out your homeowners insurance policy for a review. Then, before the policy renews, schedule a time to speak with your agent to determine if your coverage is still best for you. If you have any questions at all, your agent can help you address these concerns and solve the problem. In the end, you will achieve better coverage for yourself and your family. 

Posted 5:01 PM

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