MAX Insurance Agency
2021 New Year's Resolution: Update Your Home Insurance Policy
By Amy Laposha
2021 is here - HOORAY! This is the perfect time to update your home insurance policy to help prepare you for the unforeseen that could be lurking in 2021. By doing so, it could even save you money and a lot of grief down the road! So make this your next project in these days that we are spending at home.
Here are a few important steps to consider:
1. Look at the Replacement Cost on your home. This is different from the market value on your home. This is the cost to replace your home with the same square footage and features that you currently have if there was a total loss to your home, such as a fire or tornado as examples. This does not include your lot or land that your home sits on. You can review this with your agent. Remember, if you have finished your basement, added a shed, garage or other detached structure or even added on a room or deck, you will need to let you agent refigure your replacement cost to account for these changes. This leads to the next step:
2. Check to see if there are optional coverages you may want to add to your policy. If you have finished your basement, you may want to consider adding Water Back-Up & Sump Discharge or Overflow to protect your flooring, drywall, furniture or other personal property in your newly finished basement. There are other optional coverages available such as Equipment Breakdown, Service Line, or Scheduled Jewelry you may want to add to broaden your coverage. You also might want to increase your personal liability or medical coverage. This will further protect you, your family, and your assets. Increasing these levels might result in just a minimal increase in your premium.
3. Check your discounts. Bundling your auto, added Security and Fire Alarm System and smoke alarms are examples of discounts that could be available saving you from 5-15% possibly. Check with your agent to see if there are any discounts available that you may be missing.
4. Check your deductible. If your deductible is low, check to see how much you could save by increasing your deductible. This will also help prevent turning in smaller claims that in the end might increase your premium come renewal time.
5. Your project will be complete by keeping your insurance documents in one place. Keep an inventory, receipts, photos or even videos in a safe place preferably in a fireproof box. You can scan documents and keep on a flash drive in a place away from your home disaster strikes. A bank deposit box is a good place!
We hope that these ideas will help prepare you so that you are more properly insured on your homeowner’s policy- whether it be your home, your contents, your liability or anything that might come your way. It is a good time to call your insurance agent for a review and have any questions you might have answered for you. Our team is ready to help you. Complete our Get Started form or call us at (800) 832-4689. You are now prepared and ready to tackle 2021!
Kansas City Royals Fan, Mom of One Daughter and Two Sons, and Insurance Agent
Direct Phone - 913-754-3812 firstname.lastname@example.org
Amy has been in the insurance industry for the past 17 years and has been part of the MAX family for the past 8 years. Outside of work, she enjoys spending time with her husband, three children and two grandchildren in Lee’s Summit, MO. She also does volunteer work at her church and loves cheering on her local sports teams (GO ROYALS), hiking, music and backyard BBQs.