When you purchase a home and have a mortgage, you are required to have home insurance. After that, your policy renews every year without you having to do anything. Most policies will increase coverage to keep up with home prices in your area but is that enough? Probably not. You should be sitting down or talking on the phone with your insurance agent to discuss your overage and if it is still right for you. At FB Taylor in Nederland, TX, we are a locally-owned and operated independent insurance agency.
Basically, your insurance makes sure that you have enough coverage to pay off your mortgage, but there is more to your coverage than that. Your home insurance needs do not stay the same throughout your life and the life of your home. You should review your policy every year and more often than that if there are major changes.
When you make a major repair to your home, it is time for a review. Has the value of your home increased significantly? Some repairs make a real difference in your home value.
- New kitchen
- Updated bathroom
- Finish basement
- Home addition
- New windows or siding
- Add deck or porch
- An additional room
If you replace your roof or add a security system, this is also something to discuss with your agent as they may get you a discount.
Add a pool or get a dog.
These may sound like two things that have nothing in common, but the reality is they do. They raise the liability level of your home, and you should discuss this with your insurance agent.
If you get an expensive piece of jewelry as a gift or buy it yourself, you would discuss it with your agent. You may have to get a rider or certainly increase the amount of insurance on your content.
Many things can affect your home insurance, and it makes good sense to review it every year or more often. At FB Taylor in Nederland, TX, we make your home insurance our business, and we will offer to do a yearly review. Please stop by our office or give us a call to make an appointment for a review.