Homeowners Insurance: Time for an Annual Checkup

Greetings and welcome, I'm Tammy Carmichael, a seasoned Executive Broker with TailGate Properties. Leveraging what I've learned in the real estate sector and as a certified Military Relocation Professional, I feel obliged to share some enlightening information on an often overlooked aspect of property ownership: your homeowner's insurance policy. Isn't it about time we gave this crucial topic a thorough examination?

Just as we schedule our annual health check-ups, it's essential to approach your homeowners insurance with a similar mindset. This annual practice ensures that your investments - your home and its precious contents - are appropriately sheltered. Moreover, regular policy reviews could lead to a healthier fiscal state as the act can help you tune your expenditures on premiums, thereby making sure you're not overpaying.

Unpacking your policy, you might stumble upon the question: what sort of coverage do I possess? Broadly, homeowners insurance can be classified into two categories: "replacement cost" and "actual cash value". Replacement cost coverage, in essence, takes care of all expenses needed for rebuilding the house and reprocuring its contents, up to your policy limits. Extended replacement cost further amplifies your coverage by an additional percentage.

On the other hand, not so favorable but quite commonly chosen is the actual cash value coverage. If you opt for this category, the value of your home or belongings considering depreciation determines reimbursements.

Following this, the next puzzling prospect is the amount of coverage you actually need. The rule of thumb, simply put, isn't the market value of your property, but the costs from ground zero to rebuild it. Clarifying your local construction costs can shed light on your required coverage.

Keeping in mind that home insurance premiums rely on diverse elements ranging from your creditworthiness to education level, scrimping on insurance might not be the best idea. Small increments in coverage might not be as costly as you imagine.

Finally, once you've mapped out your coverage needs, you might find yourself pondering over how to possibly lower your premiums. Raising your deductible is a common strategy, but it's crucial to consider your financial position and your ability to manage minor losses. Apart from this, many insurance companies offer discounts on an array of aspects including affiliations with groups or organizations, high-tech home devices, and more. Always remember, every penny saved is a penny earned.

In conclusion, homeowners insurance, although complex, is a critical aspect of homeownership. On your journey of helping your dream home grow into a safe haven, insurance plays a vital role. As an Executive Broker, I embrace the assurance associated with this financial shield and truly believe that knowledge about homeowners insurance adds an extra layer of protection in your homeownership journey. After all, dependability, determination, and dedication underpin the core of my service to you.

Remember, I'm here to assist with any questions related to homeownership and real estate. No query is too small or issue too big. Reach me, Tammy Carmichael, at (501) 628-7089.

Best Wishes,
Tammy Carmichael - TailGate Properties

June 30, 2023

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