Thursday, June 04, 2015
Insurance: When's the last time you perused your policy?
For many households, summer is a season of change.
Whether it’s finally getting around to finishing that basement or preparing to send a child off to college, some family milestones are worth a call to your insurance agent. Checking in with your insurer will assure that you are properly insured, and it could save you some money, says Tim Bemis, assistant manager at Dupaco Insurance Services.
Finishing a basement, for instance, increases the value of your home. But your original homeowner’s policy doesn’t reflect the additional square footage.
“If you add 800 square feet to the value of your home, that value isn’t calculated under the original policy,” Bemis says, “and you may leave yourself short of full replacement cost in the case of a loss.”
Home upgrades and other life events also can make you eligible for additional insurance discounts. Here are some ways to save:
Bemis recommends touching base with your insurance agent annually, about 30 to 45 days before your policy renewal, or any time you experience a life event.
“Reviewing your coverage lets us at least have a discussion about what does and doesn’t affect your coverage,” Bemis says.
By Emily Kittle
Dupaco Insurance Services is only licensed in the states of Iowa, Illinois, Wisconsin, Minnesota, and Arizona.