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Suburban HomeWhen you get a homeowners insurance policy, it's quite natural to assume that your insurance agent will provide you with all the coverage you need in one inexpensive, yet comprehensive, policy. Unfortunately, that's not always how it goes, because your agent doesn't inherently know the value of your belongings. Homeowners have to ensure that they have all the protections they need with their home insurance, or purchase additional insurance to cover the difference.

Statistics Demonstrate Homeowners Are At Risk

A 2010 study conducted by J.D. Power and Associates estimates that 50 percent of American homeowners do not understand their policy. Based on that information, it is not surprising to learn that Marshall & Swift/Boeckh estimates that two-thirds of American homeowners don't have enough insurance. If you are a homeowner and you haven't reviewed your home insurance policy in years, then it is likely that you are underinsured as well.

What Affects Insurance Policies?

Changes in state laws and the rate of inflation are two of the reasons your home insurance policy may no longer offer you the coverage you need. Fortunately, you don’t have to remain uninformed and underinsured. You can learn how to review your insurance policy and then take the necessary steps to get the coverage that is the best fit for you and your family.

Additionally, when insurance companies reduce the types of losses they cover, you must adjust accordingly. For instance, if you have homeowners insurance that used to include flood insurance but no longer does, then you have to purchase additional flood insurance in order to maintain coverage.

Steps To Review Your Homeowners Insurance

  • Step 1. Understand the types of coverage your homeowners insurance provides you. Your home insurance likely covers losses to the structure of your house, losses to your personal property and liability losses that arise on your property. Review your limits and deductibles to determine your financial responsibilities in the event of a loss.
  • Step 2. Determine whether you have an actual value or a replacement cost insurance policy. Most home insurance policies are actual value insurance policies. This means that the insurance coverage will only provide you with the value of your assets at market value. Although this is helpful, it may not make a lot of people whole after they experience a loss. Determine if you can afford to cover the financial responsibility of a replacement value policy for more thorough coverage.
  • Step 3. Speak with your insurance agent about filling insurance gaps. The best time to discover that you don't have adequate insurance is before you experience a loss. If you haven't reviewed your insurance policy in a few years, speak to a licensed insurance agent to determine where you have insurance gaps. Based on their knowledge of the industry, they can make suggestions and provide you with additional coverage options for your homeowners insurance.
We're here to help. Call TCU Insurance Agency at (800) 772-8043 for more information on Indiana home insurance.
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