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Time to Review Your Home Owner's Policy
 January 8 2016     Posted by Siemens Group


Most people get the minimum coverage required whenever dealing with insurance, the same is true for home owner’s insurance. Reviewing your policy instead of just renewing is as important as going for regular medical checkups. Often, we are optimists and feel the likelihood of making a claim is small. While this is true, it could cost you much more that getting adequate coverage for your home. One area often missed, is that condo policies ONLY cover the developers original materials. When you buy a place that is not new how are you to know whether your cabinets are covered etc. under the Strata’s policy? It is important to ask questions and purchase additional coverage to insure you against any improvements previous owner’s make.

Here are some tips to look at when reviewing your current policy – the key point being value? Would your current policy rebuild your home as it sits now? I would imagine that over 90% of the policies would not cover this for the owner based on the values not being increased over time.

READ MORE >> 4 Costly Homeowner's Insurance Mistakes to Avoid (Forbes.com)

 


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