How Often Should I Revise My Home Insurance Inventory?

An insurer like Pritchards and Associates, Inc. can only protect everything inside your Okeechobee, FL home if they know what’s inside your home. This means that you need to keep an inventory and update it every now and then so that your agent can adjust your policy to cover all your new stuff. There are essentially two points of an update to consider:

  • Whenever you’ve made a large purchase. New fridge? New TV? Take some photos, get the receipt, and let your insurance agent know. Whenever you make a big purchase, it’s a good idea to update your insurer at your next convenient moment. It might not be a big deal to lose a brand new necktie a week after you’ve bought it, but to have a TV ruined in a small fire before you added it to your policy, that can be frustrating.
  • Once every six months to a year. A lot of our possessions are accumulative. That is, we don’t go out and buy a Blu-Ray collection worth a car payment, we buy one Blu-Ray disc at a time until it all starts to add up. This is what your annual or semi-annual checkups are for. It’s a good idea to document with both photos and videos. The video will catch things you might not think to include, and you’ll be glad you caught your sneaker collection on tape if you forgot to add those new Nikes to the list.

Your insurance provider is there to help you out in the event of a disaster, but they can’t cover you unless they know what they’re covering. If you’re still shopping around for an insurer in Okeechobee, FL, call Pritchards and Associates, Inc. or visit our office to get in touch and see what they have for you.

What Is Not Covered under Home Insurance?

Home insurance in Okeechobee, FL covers many things, but there are certain things that aren’t covered. If you are worried about your coverage under your home insurance policy, an agent at Pritchards and Associates Inc. can help you find the right option.

Mold: A standard home insurance policy will limit mold coverage or completely exclude it. The best way to deal with mold is to prevent it in the first place, and if you have a leak or flooding to get rid of the moisture as fast as possible.

Sewer Backup: If the sewer backs up in your home, it can do a lot of damage, but it’s typically not covered. You can get extra insurance to cover this.

Floods: Many times, homeowners think floods are covered but instead you need a separate flood insurance policy.

Construction Work Damage: When you are renovating your home, your policy won’t cover any damage that is done to the home. You can get a separate policy to cover damage and your contractor should be licensed and have liability insurance.

Fine Art and Jewelry: There will be a limit on how much coverage there is for personal belongings, and jewelry and fine art can exceed these limits. The way to protect these things is with a separate rider that specifies exactly the coverage.

Destroyed or Stolen Cash: It’s hard to prove that you had cash stashed away in the home if the home was destroyed or the cash was stolen. Keep it in a safe place in order to protect it.

Termite Infestation: Termites can cause a lot of damage, but your home insurance won’t pay for it. A licensed pest control company should inspect your home to avoid this problem.

Contact Pritchards and Associates Inc. serving Okeechobee, FL, to get a quote on home insurance.

When Should I Update My Homeowners Insurance?

You need sufficient homeowners insurance to protect your Okeechobee, FL home from risks such as theft, vandalism, and liability claims. To understand the amount and type of homeowners insurance coverage you need, contact Pritchards and Associates, Inc. Keep your homeowner’s insurance updated to make sure that you have all the coverage you need at all times.

When to Update Your Homeowners Insurance

In Case of Lifestyle Changes

If you adopt a new lifestyle, hobby, or activity, you should update your homeowner’s insurance. A new lifestyle could mean a change in the risks your home is exposed to. If, for example, you retire, you may get a discount on your home insurance. Insurance providers assume that retired people have more time to perform maintenance on their homes. Buying a dog may cause your premium rates to increase.

If Your Current Policy Isn’t Enough

If you feel that your current insurance policy does not offer you adequate protection against liability claims or other risks, you may need to update it. Get a policy that offers you all the coverage you need. You may get additional coverage such as umbrella insurance for extra protection.

If You Have Made Improvements

Any improvements to your home increase its value. If, for example, you add a swimming pool, the value of your home will become higher than it was. It also increases your liability risks because other people could drown in your pool. In such cases, you will pay higher premium rates. Adding an alarm system may lower your premium rates because it reduces the risk of thieves stealing from your home. Contact your insurance provider every time you make improvements to your home and update your homeowner’s insurance.

Contact Pritchards and Associates, Inc. in Okeechobee, FL to get a home insurance quote or try our online rating tool. We can also answer any questions you may have about a home insurance policy.