Homeowners Checkup

A home and its contents frequently represent a major portion of a person's net worth. Failure to keep coverage current could result in a claim not being covered. Whose responsibility is it to maintain adequate insurance coverage? When all is said and done, it is the policyholder's responsibility to review the policy regularly and inform his/her agent of any obvious shortfalls and ask pertinent questions.

While we can search through the maze of complex coverages and advise you how to cover your exposures to loss, your involvement is absolutely necessary. Who else knows more about what you have and the activities with which you are involved.  For instance, did you tell us about the remodeling project you did on your home, or the jewelry you recently bought, or inherited?  Jewelry has limited coverage in the homeowner policy. Did you remember to tell us that you are now operating a business from  your home? This takes special coverage. If you have a vacation rental in Florida, and you fail to tell us, we will not know to add  the required endorsement to your policy to give you the necessary coverage as a landlord. These are loss exposures that we know how to handle, but we need to be told by you when these exposures are present.

Don't forget to also consider liability coverage. Under the standard liability coverage, if a guest slips and falls on your wet patio you would be covered for the individual's medical expenses, your defense costs and a specified limit for actual damages. But, if the amount awarded exceeds your policy's limits, your personal assets could be threatened. A personal umbrella could help you in this case. The umbrella liability policy typically affords at least $1 million of liability coverage and blankets over your auto and home policy, providing that additional liability coverage if your auto and home policy limits are inadequate. Call your agent with any questions you may have.

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