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Insurance Coverage Awareness for Homeowners  : Part 1 

Today's blog will start a three part series giving homeowners insurance coverage awareness tips. 

Coverage awareness "after the fact" can be disastrous to homeowners who have been neglectful 
in keeping their insurance policies up to date. An insurance policy is a contract, and as such can 
appear very intimidating and even overwhelming. An insurance agent professional is the best one to look 
to for confirmation that your policy will do for you what you expect it to. Are your property limits at the right dollar level? Have you carefully considered Flood Coverage, remembering we live next door to an existent dike hazard? Did you know that binding policies, or changes, cease when a storm enters a geographic box?
Did you know that your insurance policy will only pay for replacing your home the way it is, and will not pay for updating it to current building codes?

Today, part 1, we will look at your property limits to determine if they are at the right dollar level. 
Next week, in part 2 of this series, we will look at in the event of a loss who will pay me for the value of the lost. 
Part 3 will discuss how carefully you have considered flood coverage. 

Are your property limits at the right dollar level?

1.) Have you made any significant additions or improvements to your home?
2.) Has the dollar amount of your personal property's value increased beyond the dollar limits shown on the Declarations Page of your policy?
3.) Are you of the mistaken opinion that such things as documents, money, guns, antiques, fine arts, collectibles, jewelry, and etcetera are automatically covered to their value?
In fact, they are not because there are limitations placed on them such as a $100 in total on each class. An endorsement must be done on the policy to include and rate their appraised value. 
4.) Do you understand co-insurance penalties that could come into play at the time of a loss? If you do not comply with the co-insurance percentage designated in the policy you could be penalized greatly with a reduced payment at the time of loss. 

Click Here for Part 2 of Home Insurance Awareness Tips 

Click Here for Part 3 of Home Insurance Awareness Tips 

Stop in and talk to our professionals to be sure your limits are not higher than they need to be or so low that you could incur a significant penalty at the time of loss. 

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