Choosing your home insurance coverage is one of the most important decisions new homeowners make. You may not have even thought about it when you bought your home. You may have looked for the best deal and gone with that policy. Depending on your agent, it may or may not have been the best decision for you. Actually, these days many people buy their insurance online and never even talk to their local agent. This can be an expensive mistake. At Great Michigan Insurance in Marshall, MI, we are independent agents who work to serve your needs and find the best price.
You can review your home insurance any time it seems like a good idea. You can also bring it to an independent agent to look over and access it for you. The most common time for a policy review is before your renewal date. You will get a declaration page that tells you the exact amount of your coverage and all the particulars such as deductibles etc.
When your premium rises
The most common reason to review your home insurance coverage is when you see a significant rise in your premium. Be prepared with last year’s declaration page to see if there is any justification for the increase. Many policies will keep up with inflation, so your home replacement value may have risen. But while you are looking, it makes sense to think about the replacement cost and how it reflections your ability to replace your house in your area.
When you make improvements
Many types of improvement increase your home’s value, and your insurance policy should reflect the new value.
When your financial worth increases
If you are worth more than when you bought your home, take a good look at the amount of liability insurance your policy has. You may want to increase it to reflect your current worth.
Contact Great Michigan Insurance in Marshall, MI to discuss your home insurance needs.