Many homeowners don't realize there's a problem with their insurance until they need to file a claim. Fortunately, many of the most common coverage gaps can be identified and addressed before that happens.
Insuring to Market Value Instead of Rebuilding Cost
Your homeowners insurance should be based on the cost to rebuild your home, not what it would sell for. Confusing those two numbers is one of the most common reasons homeowners become underinsured.
Not Understanding Roof Coverage
Many homeowners don't realize their roof may be covered on an actual cash value basis rather than replacement cost. Understanding the difference before a covered claim can help prevent unexpected out-of-pocket costs.
Carrying Too Little Liability Coverage
Liability coverage helps protect your finances if you're held legally responsible for injuries or property damage involving others. As your home equity, savings, and other assets grow, it's worth reviewing whether your liability limits still reflect your needs.
Overlooking Umbrella Coverage
An umbrella policy provides additional liability protection above your home and auto insurance. For many households, it's an affordable way to increase overall liability protection.
Letting Your Policy Go Unreviewed
Home improvements, renovations, valuable purchases, teenage drivers, and other life changes can all affect your insurance needs. Reviewing your policy periodically helps ensure your coverage continues to reflect your current situation.
A Fresh Look Can Make a Difference
Many coverage gaps aren't obvious until someone takes the time to review the policy. I'll go through your coverage with you, answer your questions, and help you determine whether any updates make sense.
Insurance needs change over time. Reviewing your policy periodically helps ensure your coverage continues to reflect your home, your lifestyle, and your financial goals.
