Home insurance is something most people take for granted. You usually get a policy when you buy your home, and after that, the policy renews every year without you having to do anything. While that is the easy way to do things, it might not be the best thing for you. Your home insurance should be reviewed from time to time to make sure the coverage you have is the right coverage. In Wayne, PA, the Sirover Agency, LLC is your independent agency choice. Why settle for only one carrier when you can have a choice of many?
Things can happen in your life and in your home that affects your insurance coverage. That is why most carriers recommend a yearly home insurance review. That may seem a little frequent, and perhaps it is, but certainly, every other year is reasonable.
Reasons why you may want to review your home insurance:
- Major home repairs: There are home repairs that increase the value of your home. Adding new siding or a new roof, a room or garage addition, a new kitchen, or a bathroom update are all things the may require a review of the value of your home insurance.
- Adding a new pet may require that you increase the liability insurance you have on your home policy. If you put in a pool or a trampoline, these are also things that may cause financial issues if you don’t increase your liability.
- If you get a new piece of expensive jewelry, artwork, oriental rugs, or costly electronics, this can all affect the value of your content.
- Adding a new security system can make your house safer and save you a little money, so lt is essential to let your insurance company know about them.
Your life and your home change over time, and your home insurance policy must keep up with you. Call The Sirover Agency, LLC in Wayne, PA to set up an appointment to discuss your needs.
When it comes to home insurance in Wayne, PA, the most important thing to remember is that you need home insurance. While it may not be required, everyone will need protection against liability for any accidents that can injure others and cause damage. It’s also important to protect the home and your belongings in the house.
Determine How Much Coverage You Want
The better coverage you have, the less you will have to pay out of pocket if disaster strikes. Sometimes your lender will require how much coverage you need, which is typically at least the amount of the mortgage. It’s important to note the amount of coverage you buy will affect your monthly premiums.
Actual Cash Value or Replacement Costs?
You may have the option to choose between actual cash value and replacement costs. Replacement costs are the amount it takes to replace or rebuild your home with similar materials without depreciation. You want to insure your home for at least 80% of its replacement value.
The deductible is the amount you have to pay on each claim. You should choose a policy where you can afford to pay the deductible. If your policy has a lower deductible, it will usually cost more.
Read Your Policy Carefully
Each policy is different, so you should read your policy carefully. Doing so will help you know what is covered and what isn’t. Keep it in a safe place, and know the name of your insurer. For example, home insurance doesn’t cover flooding.
Review Every Year
Check with your agent at The Sirover Agency, LLC to see if you need to update your policy to make sure you have enough coverage. New insulation, remodeling, or an addition of a room can add value to your home and increase the replacement costs.
Contact The Sirover Agency, LLC, serving Wayne, PA, to get a quote on home insurance.