Home Insurance Policy Reviews

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Insurance is important, so it should not be one of those things you set and forget.

Reviewing your insurance policies can be overwhelming if you don’t know where to start. While the best course of action is to have a conversation with your insurance agent, we wanted to provide a few high-level examples of what you might want to look for in your homeowners policy.

We know insurance definitions are often long and difficult to understand, so we will try to make them as simple as possible. Here are some of the basics:

Coverage A Limit: This is sometimes referred to as the dwelling limit, this is the amount you would receive in the event of a total loss to your home. It is important to make sure that amount is enough to pay for the cost to rebuild your home.

Deductible: Your deductible is the amount you agree to pay for a claim before the insurance company will reimburse you for any covered loss. When comparing quotes from multiple companies, make sure the input criteria matches and you are comparing exact policy details.

Exclusions: This would be items that your policy does not cover. Exclusions are common in insurance policies and will be specified in the coverage form language. Be sure you understand what your policy does and does not cover so you aren’t surprised by anything.

Endorsements: These are special parts that have been added to your policy. While the base policy may not have all the coverage you require for your unique needs, endorsements can be added to broaden, add or modify your homeowners policy. Some endorsements add coverage for things that would otherwise be excluded from your policy.

Policy Period: This is the time you are covered by the policy. If you are going to shop for a new insurance provider, be sure you start well before the existing policy ends. You don’t want to have any gaps in your coverage.

While most people don’t spend a lot of time thinking about their homeowners insurance policies, it is a good idea to occasionally review your coverage. While an annual review is common (around the time your policy renews), it is important to notify your insurance agent of any changes that occur mid-term (between the start and end dates).

For coverage questions or changes needed, talk to your independent insurance agent, like R.C. Keller & Company. We have protected homeowners in Schaumburg since 1910. Give us a call today at 847-907-4520.



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