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Sherry's Newsletter,
February 2003
HOMEOWNERS INSURANCE TIPS
Dear Friends,
The start of the new year is a good time to reexamine your
Homeowners coverage. You might be eligible for lower premiums, or
you may need to increase your coverage so you’re not underinsured.
Our homes, our modes of transportation, our jobs, and our entire
lives are constantly changing. Our insurance coverage’s need to keep
pace – otherwise the next crisis you face could have a much more
harmful impact on your life and the lives of your loved ones.
The Insurance Information Institute says there are four major events
that should trigger a review of your policy. They are:
• When it’s time to renew your policy shop around for cheaper rates
from other companies. Think about raising your deductible to save
money. Also, contact your agent to ask the following questions:
1. Has the company made any changes to your policy?
2. Does your policy include a separate deductible for risks like
hurricane or hail?
3. Are there any discounts you can take advantage of?
4. Do you need to raise the amount of coverage for liability,
personal possessions or the structure?
5. Should you have a flood, earthquake, or umbrella policy?
• When you make a major purchase or improve your house and you have
an expensive new item, like a piece of jewelry or artwork, or a
computer, the Insurance Information Institute says you should talk
to your agent about increasing your coverage or purchasing a
floater/endorsement, which gives you higher and broader coverage
than your normal homeowners.
If you add a new room, enclose a porch, or remodel your kitchen or
bathroom, you should report any increase in square footage so you
don’t risk being underinsured. Do the same for structures on your
property that aren’t attached to your home – gazebos, sheds, pools,
or hot tubs.
• When you’ve made your home safer, you might qualify for a discount
if you install a new fire/burglar alarm system or have upgraded your
heating, plumbing or electrical system.
• Major lifestyle changes such as getting married, divorced, kids
going off to college, or coming back home after college, can all
prompt homeowners insurance changes once possessions are moved in or
out.
• Once you make changes, keep your policy paperwork in a safe place,
preferably a safe deposit box. You should also take an inventory of
all your possessions. Making a videotape is a good way to document
your belongings.
Sincerely,
 Sherry Rich
REALTOR®, ABR, CRP, CRS, GRI
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