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Homeowners Insurance – Does your policy need a Spring Check-up?

We all know that insurance costs tend to increase with inflation, but did you know that you may be able to lower your premium? Many insurance companies offer discounts for work done in the course of normal maintenance.

  • Roof replacement, for a New Roof Discount
  • Renovation Discounts for – the Plumbing System, HVAC System, Electrical System and even a Sprinkler System Discount.
  • Having an automatic gas shut-off valve professionally installed.
  • Obtaining an Energy Star/EPA Certified Home Discount if it meets the guidelines for energy efficiency set by the United States Environmental Protection Agency.  As well as the LEED Certified Home Discount for a dwelling that has been independently verified to meet guidelines for design and construction of a high-performance green home.

Homeowners Insurance, also known as Hazard or fire Insurance is a must for homeowners and mandatory before closing escrow on a home mortgage. Lenders are serious about Hazard Insurance. Should a Borrower let their coverage lapse they can expect a firm love notice from their lender addressing the lapse or change; noting that after a stated date a new policy will be put in place for the Borrower.  Policies provided by the lender can result in a substantially higher premium.

As most people are interested in increasing the value of their property, some major improvements done to a home such as increasing the living space, or remodeling the kitchen will both increase the reconstruction cost of the home, and the homeowner’s premium. Insufficient coverage could end up costing more in the way of “out-of-pocket expenses”.

Bottom line, it’s not a bad idea to do a check-up review at least once a year to be certain you have sufficient coverage and any new discounts you and your home qualify for!

Source:  Jim Conway Insurance Agency – Farmers Insurance, License 0570672 – www.JimConwayInsurance.com