No, this article does not give good domestic, commercial and/or life insurance advice. You see, it is not properly authorized to do so. But should it pass on pertinent home insurance advice, it immediately and responsibly attaches this important disclaimer. The information that is shared on the basis that it is sound advice is influenced by the information already gathered from professional and accredited practitioners. It is not the direct work of an authorized financial and/or insurance service provider. The tips and tricks in regard to putting together a suitable and appropriate home insurance policy are based on both personal and professional experience from all and sundry.
All and sundry being your everyday consumer who has joined the social media fray in regard to leaving both positive and negative feedback on how they were serviced by insurance practitioners, particularly when their homes were affected by losses or damages. Here is one set of tricks which should serve current homeowners well. It will also be invaluable for those of you who currently do not own your own home and are just renting. Because you too can, and should, be insured. When asking your insurance agent to revise and update your policy towards the end of your current annual term, always make sure that you have completed a fresh inventory of contents to be included.
This is for the simple reason that you may have purchased valuable items during the year. Also, those valuable items may have come to replace others that are no longer in your home. And for that, you need to have those older items removed from your contents schedule. In many cases, insurers do not see a need to include scheduled contents. That still works to your advantage, in fact, even more so, but on one condition. Just make sure that the total sum insured is more than adequate. In terms of your home (or house) this is vitally important.
In this regard, all you need to do is appoint a competent and registered property evaluator who can accurately value the likely cost of your house, should you decide, hypothetically speaking, to sell it someday. This improves the chances of you being compensated fully, or as close to the true value as possible, in the extreme event that your property is totally destroyed. God forbid that that should ever happen, but speaking of which, make sure that your insurance assessor or agent has fully apprised you on relevant policy inclusions commensurate to the structure of your property, its location and even your region’s climate and geology.
You should always be covered for earthquakes, hurricanes or tornados in any case. Also, you can have a homeowners policy tailor made. In this sense, you can look at specialist coverage for condominiums and mobile homes. If your house is particularly old, you should be enquiring about extensions that cover the increased likelihood of losses or damages going forward.