What’s New in Home Insurance this Year?
Yes, we know it’s still cold outside, CoV D-19 has limited our interactions, politics has become tense, and taxes are due soon. Okay forget all that and let’s focus on your HOME INSURANCE. If your agent hasn’t called you to do a careful review of your insurance, then it’s time for you to instigate a conversation.
TELL YOUR AGENT – ARE YOU …
Completing or planning home improvements?
Your dwelling limit coverage may need to be increased if you are contemplating major improvements made to your home. For example, many people have looked into finished basements. It may cost you $10,000 in renovations, increasing the tax value of your home by $20,000. But did you know that water backing up and damaging the new basement is not covered unless you have an addendum? A new TV, pool table, and furnishings need to be covered. The cleanup alone can cost at least $5,000!
Adding a new pet to the family?
All pets should be discussed with your agent because certain dog breeds, exotic pets, and animals with a bite history may be excluded for liability coverage on many carrier’s homeowner policies. Ask before you adopt a pet!
Renting out your home (Airbnb)?
Some homeowners’ policies may exclude coverage for home-sharing or short-term rentals. Some carriers will provide coverage just by adding an endorsement. Just as you may have changes in coverage, your insurance carrier’s offerings are changing, too. The “what’s new” aspect of homeowner insurance relates to several new features now offered by multiple carriers. You can add coverages that may not have been available when you originally purchased your policy.
SOME NEWER FEATURES MANY INCLUDE:
Provides expense for costly excavation and repair or replacement of damaged underground service lines on your property, such as underground wiring and piping. It may include coverage for loss of use and landscaping expenses. Service line repairs average roughly $3k to $4k but can go much higher.
Provides additional protection for common home appliances in case of sudden electrical, mechanical, or pressure systems breakdown. It may also help cover extra charges to speed up repair or replacement of property damaged.
Better Roof Replacement
This feature adds protection for covered roof damage by supplying above-average construction material and installation procedures. Materials must meet required UL (Underwriting Laboratories) certification. The contractor must document all specific steps and material. By adding this endorsement you can expect a much better outcome when your root gets damaged.
We all want cost-effective solutions when we seek insurance products. These new features offset potential exposures to common home claim issues that were not offered or covered before. They also are reasonably priced to merit your consideration. Call your agent this week to discuss these options or contact the Heidi Kussurelis Agency at (734) 213-6736 or (810) 626-0245 to get the coverage you wished you had.
Raymond F. Jahn is an experienced Associate Agent at The Heidi Kussurelis Agency.