Policy Dollar Limits
You’re purchasing homeowner’s insurance because you care about your home and your belongings. Since you’re going to the trouble of purchasing insurance, make sure you’re getting enough of it. Your policy’s dollar limits are very important--don’t wait until you need to file a claim to learn that your home has been underinsured. A quick conversation with your insurance company will help you be absolutely sure of your coverage.
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Check your policy to learn the limits of coverage on your possessions. For example, a typical insurance policy may have a $200 dollar limit on coins. If you’ve been a diligent collector since you were a kid, your collection may be worth much more than that. You can purchase a personal-items floater that gives you coverage on this and other specific items or categories of items.
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Don’t make the common mistake of forgetting to add new valuables to your policy. That fancy new pair of skis you bought for the fresh snowfall? Put it on your inventory. The leather couch you’re finally able to afford? Ditto. And that fine china you inherited from your grandmother? Call your agent--you may need to purchase more coverage for it. If you build an addition onto your home, install a new gas range, or rip out that old window in the living room for a new bay window, you’re changing the value of your home. Call your appraiser and ask for an updated estimate of your home’s worth.
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