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Time to Review Your Home Owner’s Policy

What do you know about your New Jersey Homeowner’s Insurance Policy?  Have you evaluated it recently?  If not, it is a good idea to review it every six months to ensure that your coverage is as expected.  Obviously, the best time to review your policy is prior to a crisis situation.  So take some time out of your busy schedule and spend a few minutes today going over the details in your insurance policy.

You  should contact your insurance agent if you have questions or need to make a few adjustments.  He or she should be able to answer your questions.  If you don’t feel comfortable with your agent or question whether or not he or she are providing you with the best policy for your situation, please contact us for a reference.  You may find that a change could save you money both short-term and long-term.

Some helpful questions to ask your insurance company that can save you money:

 Can I qualify for a premium reduction by installing smoke detectors, alarms, new locks or doors, or improved roofing material?  Do I qualify for a preferred customer or senior/student discount?  What is really covered by my insurance policy?  Ask about the phrase “acts of God” and the interpretation of the insurance company. For example if your neighbor’s tree falls on your house, is this covered in your home owner’s policy?

What is insured under the policy, the actual home or only the land under it?  Is land value part of my policy amount and if so, why and how much?  Did I opt for replacement value or actual cash value in your home coverage and does that still apply?

Discuss – Are my valuables and heirlooms in need special coverage?  Ask about a higher deductible, will this result in a significant reduction in my premium? Should I get earthquake or flood damage insurance? Figure out the costs verses benefits.

Asking these questions now and periodically in the future will give you peace of mind and give you the knowledge you will need should you ever encounter a crisis with your home.  It is a good idea to place a copy of your homeowner’s policy in a place away from your home, as well, in case just such an accident does occur. Please get in contact if you have any questions or need a good referral for your home owners insurance.

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