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Why You Need An Annual Insurance Review

Let Mosaic Insurance in Prescott Help You With Your Annual Insurance ReviewMosaic Insurance knows you have a lot of things going at the end of the year. They would like to remind you of some reasons it’s also important to take time to review your Prescott homeowners insurance each year with your agent. Most people buy their homeowner’s insurance when they first move into their new home and then it just becomes part of the monthly payment and they don’t think about it again. Here are some questions that are very important to answer when you review your insurance coverage each year.

Is your house fully insured? When you bought your home, you paid $200,000 for the house. Down the road your home’s value increases to $300,000. If something happened could you cover the $100,000 coverage gap?

What about your possessions inside the home? Maybe you bought the home as newlyweds and you had all of the basics, so $20,000 coverage on the contents was plenty. Over the years, most of us tend to accumulate possessions. Check to make sure that your homeowner’s insurance covers the contents/possessions you have in your home today.

Did you make any major improvements to your home this year, like a room addition, patio cover, swimming pool, etc.? If so, this increases the value of your home and would need to be replaced in the event of a disaster. Make sure that your policy is sufficient to cover these new parts of your home.

Do you live in an older home? You may want to check with your insurance broker to see if you are covered for changes in building code, should something happen to your home. In the event of a disaster, most homes need to be upgraded to the current codes when being rebuilt.

Any new discounts? Are the possible discounts you might be able to take advantage of this year? For example, you may be able to get a discount for that new security system you put in, or the new hail proof roof, or smoke and CO2 detectors in your home. You may also get discount by covering both your home and auto with the same carrier. Some companies also give discounts for not having any claims, or if all occupants of the home are non-smokers. Now is the time to ask!

Like home maintenance, an annual insurance review is something that can go a long way in assuring that your home and valuables are covered in case of a disaster. To discuss these questions, or any of your Prescott homeowners or auto insurance questions, just call Mosaic Insurance 928-458-7374.

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