Your home insurance policy must be designed to fit your individual circumstances. Lifestyle changes like marriage, divorce or retirement can have a significant impact on your needs for adequate insurance. Here are some important questions to discuss with your independent agent in order to make sure you are adapting your home insurance to changes in your lifestyle.
Have you gotten married or divorced?
The merging of two households can increase your personal property significantly. You should review your personal property coverage to make sure things like wedding gifts, furniture, collectables and jewelry are adequately covered.
If you have gotten divorced, you may have moved to a different residence and need to set up separate auto and homeowners insurance policies.
Have you made renovations to your home?
It is important to report any major changes made to your home. If you have added a new room, enclosed a porch, expanded a kitchen or made other major improvements, you may be underinsured until you update your policy. These improvements may also include new structures outside your home, like a new shed or gazebo. If your renovations included purchasing new furniture, you should also review your personal property coverage to make sure it is adequate.
Have you acquired new valuables?
The personal property coverage in a standard home policy does not provide sufficient coverage for highly valuable items. If you have purchased or inherited jewelry, fine art, antiques or other valuable collections, you should check with your agent to make sure these items of personal property are adequately insured with additional contents coverage.
Are you planning to buy a vacation or retirement home?
Before you commit to a new home purchase, make sure you check on the availability and cost of homeowners insurance. The things that make your vacation or retirement home ideal, like waterfront property or a mountain retreat, introduce risks that can make it costly and difficult to insure. Another important consideration in insuring a vacation home is the amount of time it will be vacant during the year.
Your home insurance program should be reviewed with your agent at least once each year and at any other time you experience a significant change in your lifestyle. Contact us today and we will help you design a home insurance policy that best protects your assets and keeps pace with your lifestyle.
We’ll help evaluate your coverage. Call Johl & Company at (201) 664-2973 for more information on home insurance.