Do You Have The Homeowners Insurance You Need?
While many of your New Year’s Resolutions might look like they will put a dent in your pocketbook (when did gym memberships get so pricey?), there is one action item you should resolve to do annually that may help pad your pockets. Connect with your insurance agent in the new year for an annual review to make sure you have the type of coverage you need to protect your home and valuables and see if you can save on your premiums. Here are a few questions worth asking in that dialogue.
- “What Kind Of Coverage Should I Have?” For most people, the most effective kind of coverage is replacement cost, which covers the cost to rebuild your home and replace your possessions up to your policy’s limits. Extended coverage can give you protection over and above your policy’s limit. If you are looking to save on your premiums, you can also explore actual cash value coverage which takes depreciation into account but beware- it can mean added expense down the road.
- “How Much Coverage Should I Have?” Simply put, you should secure coverage to pay for the cost of rebuilding your home and repurchasing your belongings, but it is often more complicated than that. Insurers will take factors into account like your credit score and age when determining your premiums, so the cost of your homeowners insurance will not directly reflect your amount of coverage.
- “How Can I Save?” If you are able to cover it, having a higher deductible before your insurance has to step in will lower your premiums. Also ask about other discounts such as age of home, monitored fire and burglar alarm, package discount for multiple policies.
Contact Mike Leonard Insurance Agency to update your policy to get the coverage you need today. Serving Carrollton, Coppell, and all of Texas, Mike Leonard Insurance Agency is the solutions for all of your homeowners insurance needs.