Sunday, March 10th marks the day to set your clocks an hour ahead for daylight savings time. Not only does this semi-annual event require us to adjust our clocks but it is a great reminder to consider making some updates to your home and homeowners insurance policy that could save your physical and financial life.
While most of us are probably familiar with the suggestion to change the batteries in our smoke alarms and carbon monoxide detectors, there are other steps you can take to ensure you are protected. Now is a great time to check your homeowners insurance coverage to confirm it’s current and your home and family are prepared in case of an emergency.
“Being financially prepared is just as important as physical preparedness,” says Christopher Hackett, PCI director of personal lines policy. “In 2013, severe thunderstorms alone resulted in more than $10 billion in insured losses. While we all think that a catastrophic event will never happen to us, we never really know when a disaster or significant loss will occur. This is what insurance is for and taking the time to make a quick call to your insurance company or agent can ensure you’re properly covered.”
Prepare financially by observing these tips from Property Casualty Insurers Association of America:
- Understand Your Homeowners or Rental Policy – A standard homeowners policy covers damage caused by wind, fire and lightning. But, if you are renting, remember that the landlord’s policy covers only the repair of the home and not your personal property, so be sure to obtain or update your renter’s insurance policy to protect your possessions.
- Review Your Policy Regularly − Review your property insurance policy with your agent. Locate a Lighthouse agent now to discuss a homeowners policy. If you have recently made significant upgrades to your home or received some jewelry for Christmas or Valentine’s Day, consider increasing the amount of protection on your home and contents.
- Maintain Sufficient Insurance – If a wild fire were to destroy your home, do you know if your home is adequately insured? Make sure your homeowners insurance policy is up-to-date and your policy limits are sufficient to rebuild your home should an unexpected and catastrophic event occur.
- Understand the Types of Insurance Policies and Terms- Do you know the difference between a replacement cost policy and an actual cash value policy? By understanding insurance terms, you can decide which type of policy best fits your needs.
- Keep an Inventory – In case you need to file a claim, having a compiled list of your personal items, along with photographs, videos and receipts can help speed up the process of having your claim resolved. Learn how to make a home inventory list.
- Additional Coverages - Standard homeowners policies often contain exclusions for occurrences such as landslides, mud slides, floods, earthquakes and sink holes. Talk to your agent today to learn more about possible endorsements you may be able to add to your homeowners policy to provide protection for events like these.