Home insurance is something that should grow and change as your home changes and your life and needs change. Most home insurance renews yearly and you will get a new copy of the policy about a month before your renewal. This is the perfect time for a yearly review. At Red Rock Insurance in Las Vegas, NV, we are independent insurance agents, this allows us to offer our customers more choices when it comes to carriers.
When should you review your home insurance policy?
Whether you get a paper copy of your insurance policy or a digital copy, the front page is the declaration page. This one page gives you an overview of all the coverage you have on your home. It will give you the property value, which is the amount the carrier will pay to rebuild your home. That is the first figure you need to look at. Does it make sense with what you know about construction costs in your area?
The amount allowed for outbuildings and content is usually based on this figure. It is a percentage. If you have expensive items in your home, you may need to have an endorsement to cover them. There are quite a few different endorsements you can purchase to give your home additional coverage beyond the basics of your policy.
If you have made major renovations or upgrades to your home, you may want to discuss that with your agent; it affects the amount of coverage you need. Let your agent know if you have added safety equipment like wired smoke detectors or an alarm system.
The liability coverage is what protects you from legal action against you. If your assets have increased significantly, you should also discuss the amount of liability coverage you have with your agent and perhaps consider an umbrella policy.
Contact Red Rock Insurance in Las Vegas, NV if you want to review your home insurance policy.