Is It Time To Reevaluate Your Homeowner Insurance?

Is It Time To Reevaluate Your Homeowner Insurance?

Were you convinced into adding superfluous amenities such as, a pool and Jacuzzi? Did Hurricane Sandy encourage you to replace your roof and windows?

How long has it been since you’ve reevaluated your homeowner insurance policy? As the years go by, your family’s needs change. Therefore, it’s essential to reevaluate your homeowners insurance policy, at minimum, once every year.

Lets review 3 reasons to reevaluate your Mansfield homeowner insurance policy.

• Reason #1 (Remodels and Renovations): Before you plan on expanding your second floor or simply re-tiling your floors, speak with your insurance agent about how it can affect your coverage. There are several factors that can impact the value of your home and the cost of your insurance rates. This includes;
  • Construction Materials– In regions where earthquakes are common, materials such as, brick and mortar increase insurance rates. The same goes for timber-constructed homes in fire prone regions.
  • Expansion and conversions-Insurance rates will increase to provide protection for the additional space.
  • Additions– Constructing additional features, such as swimming pools and fireplaces increase the risk of accidental drowning and fires. On the other-hand, installing home security systems reduce your rates.

• Reason #2 (Inflation): The economy is constantly in flux. This means, that the value of your property and the estimated cost to rebuild it can increase overtime due to inflation. Speak with your insurance agent about how inflation can affect the amount of coverage your home receives.

• Reason #3 (Personal Possessions): If you’ve recently purchased valuable items (e.g. television, jewelry), update your policy to ensure that it’s covered. 

Homeowners throughout Connecticut and Southern New England look to the Byrnes Agency to protect their New London county homes in the event of damage or liability. We take pride in the fact that so many residents trust us with one of their most valuable assets, and because of this we take the time and care needed to make sure our customers understand the various options available to them.

Contact us today!

• Dayville Office
  860-774-8549
• Norwich Office
  860-886-5498
• Woodstock Office
  860-928-7928

Source: HOMEinsurance.org