It's finally happened. You and your partner now have the house all to yourselves. The kids are away at school, or on to the next chapter of their lives. While your priorities may be on that dream vacation or turning one of the bedrooms into a study, there are some things you need to keep in mind. One of those is your home insurance policy. After all, you may want to make some adjustments now that things aren't as occupied at the old homestead.
Personal Property Coverage
The first step towards considering any changes in your homeowners' policy is to review your current terms and conditions. After that, call your insurance broker or go online and do a home insurance compare. This will allow you to assess your current policy limits and deductibles, in conjunction with your monthly premiums. A key facet of a home insurance policy is coverage for personal property, and since there aren't as many people living under your roof, you may want to look into insurance products with lesser limits.
With lesser coverage, you'll be able to garner some monthly savings on your insurance premiums. It's also recommended to consider limits. If you're planning on downsizing into a smaller home, you may not need as much property damage coverage. However, you still need to consider what you're keeping on hand. If you have valued collections that are irreplaceable, homeowners insurance is not enough to protect those personal belongings. You'll want to consider purchasing a separate rider on that insurance policy to give you a greater safety net.
Protection from Weather Events
Homeowners insurance policies are a great asset in the event that some nasty weather causes significant property damage inside and outside your house. This usually involves coverage in the event of a storm or lightning, as well as natural disasters. This includes certain limits in the event of flooding, but you may need additional flood insurance depending on the location of your household on flood maps authorized by government officials. Check your policy carefully, as sometimes flood and other disaster events need to be specified.
Be sure to check if you need weather-related liability coverage. Most standard home insurance plans will take care of the replacement cost for roof damage brought on by a storm, as well as claims linked to frozen pipes and sewer back-up. When it comes to any weather-related claims, don't waste any time submitting an insurance claim. Be sure to take pictures of the damage for insurance providers to get the best assessment of what a weather event has wrought on your household.
Other Lines of Insurance
Even though you may not have all of your family members living under one roof, you may still want to maintain a personal liability limit to spare you in the event of an incident on your property. While you may not want to stray from your current homeowners insurance coverage, you may want to consider bundling policies to spare you some cash. Depending on the insurance company, you may be able to tack on auto insurance and other plans to find the best rate possible for umbrella coverage.
Throughout the insurance industry, customer satisfaction has been paramount in recent years to assure that claims are not only handled but policyholders are not left waiting in the wings for reimbursement. Be sure to understand what comes with a covered loss when it comes to replacement cost or actual cash value to understand what you'll be getting back under your policy. Look into what homeowners insurance companies have to offer in terms of additional savings and discounts based on the type of coverage.
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