Personal Insurance News You Can Use: Put Your Home Insurance Dollars Where They’ll Count

Update Your Homeowners Insurance Before Summer

As summer draws near and temperatures warm, it’s almost overwhelmingly tempting to jump into summer activities. But before you start enjoying the great outdoors again, examine your homeowners’ policy to make sure it covers the hazards that summer can bring. Updating your insurance now will ensure you have a relaxing summer ahead.

BBQ

As the thermometer rises, you can almost hear the sizzle of the grill. Place it too close to your home, and you might hear the sizzle of your house.

Follow proper safety precautions and make sure your policy covers not only your house, but also other freestanding structures.

Renovations

Now that the winter chill has passed, you can finally put that new roof on your garage. Or maybe it’s time for that addition you’ve been saving for. If you’re making substantial renovations to your home, it likely will drive up the replacement cost. Make sure your homeowners’ insurance policy is updated accordingly.

Pools

Summer means pool time. But with 3,000 plus accidental drownings a year, your pool could be a potential hazard. If you have a pool, be sure to notify your insurance company. Your premiums will increase, but you’ll be protected. Ensure your liability coverage covers all situations, even if someone is in your pool without your permission.

Trampolines

Standard homeowners’ policies come with liability coverage, but they may not extend to trampolines. Many insurers view trampolines as lawsuits in the making and exclude them.

Check your insurance policy to see if there are restrictions on trampolines before making a purchase.

Pets

Summer may seem like a great time to make an addition to your family.

But if you buy a new puppy, don’t forget to tell your insurance company. If your dog bites someone, your liability insurance will cover it … but only if your dog is listed on the policy.


Put Your Home Insurance Dollars Where They’ll Count

Insurance is probably the least exciting part of buying a home, but it’s one of the most important. Buying the right amount of coverage is essential to protecting your home and your assets, and understanding the most common claims on homeowner policies can help you determine where you need that extra protection.

Fire

Fires can have dire consequences. Insure your house and personal belongings at replacement cost rather than actual cash value. Premiums are higher, but, if you consider you may lose everything, it’s well worth the extra money.

Animal attacks

It’s hard to imagine Fido or Fluffy biting someone. But if they clamp down on a visitor or neighbor, you too may feel the pain. As a pet owner, you’re liable for your animal’s actions, and if someone is bitten and needs medical attention, you’ll have to pay for it. Ensure you have sufficient liability coverage.

Water

Ruptured pipes, clogged drains, leaky roofs or a faucet you forgot to turn off all cause water damage. If it’s serious, the main structural supports of your house can be compromised. Standard homeowner policies do NOT insure against flood, so make sure you purchase supplemental insurance.

Wind and hail

No matter where you live, you’re susceptible to wind and hail: Coastal states suffer through hurricanes; the plains have tornadoes; and blizzards affect the north. The exterior of your house can suffer damage in serious weather conditions, so make sure your coverage limits and deductible are prepared for high-cost repairs.

 

September 24th, 2013 by Lightship Insurance