When it comes to protecting your home and personal property, having the right homeowners insurance policy is essential. However, it’s also important to regularly review and update your insurance coverage to ensure it still meets your needs.
With material prices and home values fluctuating over the past several years, it’s now more important than ever to assess your homeowners insurance policy and ensure you have enough coverage. Some insurance companies require 30-45 days for policy changes to go into effect so Oklahoma City homeowners need to act fast before storm season begins.
Here’s a step-by-step guide to help you through the process.
Step 1: Assess Your Current Coverage
The first step in reviewing your homeowners insurance is to assess your current coverage. This includes understanding the types of coverage you have, such as dwelling coverage for your home and personal property coverage for your possessions. It’s also important to know the limits of your coverage and any deductibles you may have.
Step 2: Identify Any Changes in Your Home or Life
The next step is to identify any changes in your home or life that may impact your insurance coverage. For example, have you made any additions or renovations to your home that would increase its value? Have you acquired new possessions that would require additional coverage? Are you now living in the home full-time rather than as a second residence?
Increases in home value would also be something to discuss with your insurance agent. Replacement cost policies use home value to determine coverage limits. If your home value has increased dramatically over the past few years, you’ll want to make sure your homeowners insurance policy has enough coverage. Otherwise, you’ll end up having to pay more out of pocket should you have to file a storm damage claim.
Step 3: Research Insurance Providers and Coverage Options
Once you have a clear understanding of your current coverage and any changes that may impact it, it’s time to research insurance providers and coverage options. Start by getting quotes from multiple insurance companies to compare costs and coverage options.
One thing to keep in mind is how much your deductible is. New roofing laws in Oklahoma require all homeowners to pay their insurance deductible when filing a roof damage claim. Some policies have a percent deductible – meaning your deductible is calculated as 1-5% of the value of your home.
For example, let’s say your home is worth $300,000 in Oklahoma City. If your deductible is 2%, that means you’ll have to pay $6,000 out of pocket when filing a claim for hail damage repairs.
While a percent deductible homeowners insurance policy is often cheaper, having enough in savings to cover the out-of-pocket deductible can be a challenge for many homeowners. If you choose this type of policy make sure to plan in advance!
Step 4: Make Any Necessary Adjustments to Your Coverage
Based on your research, you may find that it’s necessary to adjust your coverage. This could include increasing your dwelling coverage to match the current value of your home or adding personal property coverage for new possessions. Make sure to also review and adjust your deductibles as well!
Step 5: Review Your Policy Annually
Finally, make a habit of reviewing your homeowners insurance policy annually to ensure it still meets your needs. This will give you peace of mind knowing that your home and personal property are fully protected.
Key Takeaways On Assessing Your Homeowners Insurance Policy
By following these steps, you can easily review and update your homeowners insurance policy to ensure it provides the protection you need. Don’t wait until mid-storm season to make changes – stay ahead of the curve and keep your home protected.
Need to schedule a roof inspection before meeting with your insurance company to discuss coverage changes? We can help! Our OKC roofers will thoroughly inspect your roof and home to determine how much life is left and provide information on roofing materials that are hail and storm resistant. This can give you added peace of mind as we head into hail season in Oklahoma City!
