SimplyIOA Insurance Tip: Why you should review your home insurance policy
It's good to have friends 'in the know'. Our partners at IOA provided helpful for home owners with questions about their insurance policy.
When was the last time you checked your homeowner's insurance policy? If you haven’t reviewed it recently, it may be costing you more than it should! SimplyIOA is here to help you become more informed on how the world of home and auto insurance works. Here are our top five reasons as to why you should review your home insurance policy.
Increase in property value
Typically, the value of your property will increase over time. For example, if you bought your home for $230,000, five years later, it may be worth $295,000. Because of this, you will need to increase your homeowners' insurance coverage to reflect this new value. Otherwise, if your home is destroyed and you still have coverage for a $230,000 home, you will have to pay the difference when rebuilding your house.
Standard homeowners' insurance typically does not cover hurricane or flood damage. According to CoreLogic, Inc., 2.9 million single-family homes were at risk in 2020 for storm surge damage from hurricanes up to Category 5 strength. Homeowners need to check that they have the correct level of coverage in place before a storm is named.
Swimming pools, hot tubs, and trampolines
Swimming pools, hot tubs, and trampolines are great for bringing joy to your family life. However, these lifestyle choices create a new level of risk. It is essential to make sure you have the right liability coverage to protect you if someone gets hurt while playing with these family fun additions.
Working from home
Working from home has become a new normal, but is your home office set-up covered? Some items that may not be covered by your existing policy could include your computer and supporting equipment. Some homeowner insurers may require you to take out a separate commercial insurance policy to your work equipment.
As your life changes, you may qualify for new discounts. For example, getting married, changing careers, retiring, quitting smoking, and increasing your credit score affects your rates. In addition, don't forget that making home improvements–such as investing in a new roof, installing a security system, fire sprinklers, or updating electrical or plumbing systems–may also reduce what you pay for home insurance.
The world of insurance is complex, complicated, and time-consuming, which is why we have developed SimplyIOA. With SimplyIOA, you can compare, quote, and buy homeowners insurance online in minutes at any time from any device.
By following this link to SimplyIOA.com and getting a quote, you will be entered into a sweepstake to win 1 of 5 pairs of running shoes (valued at $150) in association with Corporate 5K. The winner will be selected at random following the event and contacted by an employee of Track Shack.
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