When you bought your home, you set up your insurance policy with the protection you thought you would need. As time goes on, however, things change and that means your coverage needs also change. This is why it’s a good idea to review your insurance policy periodically and to consult your insurance agent about updating the policy. This should be done at least once a year to ensure you’re fully protected at all times.
The first thing you should look for in your homeowners insurance Lodi CA is which items are protected. For instance, if you built an addition to the home in the past year, you will want to consult your agent to ensure your existing policy will cover the extra living space. Similarly, you will want to ensure big purchases will also be covered and protected from damage.
Another way to evaluate your insurance needs is in looking at what kind of coverage you have in your policy. Shifting weather patterns and other environmental changes may have altered your coverage needs in recent years. For example, if you have just a standard policy, you may not be covered for damages caused by earthquakes or wildfires. If that’s the case, you may want to inquire about adding supplemental coverage that can protect you from those acts of nature.
A third factor to consider is the amounts of coverage you have on your home. It’s important that you have enough coverage to completely rebuild your home in the event your home can’t be saved as it stands. You will also want to ensure coverage for your possessions will reimburse you for the full cost instead of paying the depreciated value of each item. It can be frustrating to file a claim only to find out you lack sufficient coverage.
Homeowner’s insurance is one of those things you invest in, yet you hope you will never really need to use it. Even so, updating your policy periodically can help you rest easier in the knowledge that you have the most comprehensive coverage possible. If something does happen, you will want to recover from the disaster as quickly as possible.