Southern Maryland dodged a bullet last weekend when Hurricane Matthew changed course and stayed well south of our area. But it got us thinking: When was the last time you reviewed your homeowner’s insurance policy?
Foote Title Group recommends that you periodically review your homeowner’s insurance policy so that you understand how it works. What does your policy cover? What does it not cover? Do you know what your deductible is and how it works?
The best time to review your policy is when it comes up for renewal. Have you changed anything in your home since your last policy was written up? Consider these items that can affect your coverage:
- New valuables and other expensive purchases that can be added to the value of your personal property inventory
- Renovations and upgrades
- Adding or removing a pool or trampoline
- Safety upgrades like alarms
- Starting a home business
Remember that your homeowner’s insurance premiums are paid by your mortgage lender, so if you’d like to save money on your monthly mortgage, consider increasing your deductible because this can lower your insurance premium. Only increase your deductible if you can afford it should disaster strike.