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Home Insurance

Chances are that if you have a mortgage on your home, the lender requires you to have it insured to certain minimums. Whether you have a mortgage or not, home insurance is a good idea.

Be sure to read your policy and see what it may exclude. For example, if you live in an area that could be flooded, do they cover floods? How about earthquakes, hurricanes, tornados and acts of terrorism?

In the old days (pre-2008) as the days went by, the value of your home probably went up. You may or may not have kept abreast of the increasing value to also increase your insurance coverage. Some policies had some automatic increases of coverage levels, and your premiums were increased accordingly.

Since 2008, many home values have taken nose dives (and they were not wearing nose plugs). This means that appraisers, banks and buyers don't think that your home is worth as much now as it used to be. In some parts of the country, this drop has been very significant.

However, if you check your homeowner's Insurance Policy, it probably does not have a method to lower your coverage to match the lower replacement cost reflected in the decreased value of the home. Hence there is probably no automatic decrease in the premium that you are paying for the Insurance on your home.

So, what are you to do? More than ever, the answer is to get some new quotes on the coverage on your home. These quotes should be from your current Insurance company as well as their competitors. It never hurts to let your agent know that you are shopping around. 

Click the link below to get some quotes:

Nitro-Pak Preparedness Center, Inc.

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