There are numerous instances in which homeowners lack the level of home insurance they need. You may have a policy in place, but do you know the coverage amount? Do you know what exclusions are in place on the plan? Most people can benefit from taking a closer look at their policy to ensure it offers the type and coverage necessary to truly provide financial protection. Take into consideration these five instances when you may need more home insurance to protect your property.
#1: Your Home's Value has Increased
One of the key instances in which adding more coverage is necessary is because your home's value grows higher. Many areas of the country are seeing increasing home values. In addition, if you add on or modify your home substantially, it's value may improve. Do you have enough insurance in place to cover a total loss at the home's current value?
#2: You Don't Have Coverage to Rebuild
It’s important to look at your home insurance plan to determine if the policy provides you with the ability to rebuild. In some cases, a fire or weather event may cover the amount of loss you have, but not the full cost to rebuild. It's always wise to have full rebuilding protection.
#3: You Own High-Value Jewelry or Antiques
Those who own a great deal of valuable assets need to have coverage that specifically names those items. For example, if you own a painting valued at $15,000, it should be listed specifically on your policy at that value. This ensures enough coverage is in place to cover your costs.
#4: You Own Valuable Electronics
From that 50-inch flat screen TV to your numerous computer systems, you likely own more than a few electronics that are valuable. Cameras, smartphones and tablets all add to this. If you do not have coverage that names these items, you may not have enough.
#5: You Aren't Covered for Specific Risks
Many home insurance policies have specific exclusions, or types of events they do not cover. These commonly include floods and earthquakes, so talk to your agent about adding these coverages if desired.
The best way to know if you are comprehensively covered is to talk to your insurance agent to find out. Learn what types of additional policies or coverage amounts may be beneficial to you.
Do you have enough coverage? Call Corbett & Associates Insurance Agency at (805) 496-1424 for more information on Ventura home insurance.