5 Questions to Ask Yourself About Your Homeowner’s Insurance

What if something tragic were to happen to your home? Would you have the money and resources that you need to repair the damages and replace your furniture, clothes, food, and everything else? If you’re like most Americans, you and your finances would be devastated if something awful were to happen to your home. That’s where your life insurance comes in.

There are several questions you need to ask yourself when you’re looking at your homeowner’s insurance plan. Not having the proper insurance plan could be one of the worst mistakes that you make. You never know what life is going to throw at you tomorrow, which means that you should ensure that you have the coverage you need to protect your home and your property.

If you’ve had the same homeowner’s insurance plan for several years, it’s important you review your policy to ensure that your needs haven’t changed. At Longevity Brokers, it’s our mission to ensure you have the perfect plan at the lowest rates possible.

Have I Renovated My Home?

Most people continue to add on to their home, improve it, and make renovations. If you’ve made any serious renovations in the past, you may need to reevaluate your homeowner’s insurance policy. If your home has drastically changed since your purchased your homeowner’s plan, you need to contact your insurance agent and tweak your plan. homeowner's insurance denver CO

What is my Deductible?

Just about everyone is looking for ways to save money. One question that you should ask yourself (at least once a year) is what your deductible limit? The deductible is the amount you have to pay out-of-pocket towards the damages before the insurance company starts the coverage.

If you want to save money on your insurance policies, one simple way is to raise your deductible limit. Raising your deductible can save you about 20% or more on your premiums every month.

What are my Personal Property Limits?

One major part of your homeowner’s insurance policy is the personal property coverage. This is the portion of your plan that will pay to replace all of your clothes, furniture, electronics, and much more. There are two kinds of insurance coverage that your plan might provide, an actual cash value plan or replacement cost coverage.

Actual cash value coverage will replace your belongings at their fair market value. This type of coverage accounts for depreciation. The older your belongings are, the less that the insurance company will pay you to replace them.

The other kind of insurance coverage is replacement cost. This type pays you the price it would cost to replace the items today.

If you’re like most people, you continue to get more and more stuff every year. You might have made some significant purchases. Take the time to determine how much all of your belongings are worth, and that can help you decide how much personal property coverage you need.

Are You Missing Discounts?

While most people don’t know it, there are a lot of discounts that you could be missing from your homeowner’s insurance plan. Take the time to ask some questions about your home and your insurance plan.

One simple discount is a claims-free discount. The longer that you’ve had your homeowner’s insurance plan without any claims, the more discount you can receive. With some companies, you can receive as much as 20% of your monthly premiums.

If you want to get a discount on your homeowner’s insurance plan, maybe it’s time to improve your roof. If you add some impact-resistant roofing materials, you can get much lower insurance premiums every month. It could cut down your premiums by 10% or more.

Should you Add Coverage?

Not only should you look for discounts, but you should also take the time to evaluate your coverage and determine if you should add some additional protection. There are some areas that a traditional insurance plan doesn’t cover. One of the most common is flood damage. Dust off your homeowner’s policy and look at the coverage. In fact, the high-risk flood map might have changed in the past several years, and your home might be included in the flood area. There are plenty of ways you can fill in the gaps of coverage of your plan.

Working with the Longevity Brokers

We know that homeowner’s insurance policy can be a confusing task. That’s why we are here to help. It’s our mission to ensure you have quality insurance for your house at an affordable rate. We work with all of the best insurance companies in the Denver, Colorado area.

If you’ve had the same homeowner’s insurance policy for several years (or even decades), you might be paying too much for your plan. Because we work with more than one company, we can give you a personalized set of quotes for your home and help you save money.

If you have any questions about your homeowner’s insurance plan, or any of your other policies, please contact us today. We can give you coverage for every area of your life, your home, your car, or your business. Use our contact page or give us a call at (720) 209-4598.

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