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By Allison Bisbey Colter, Relocation.com | Published: 12/18/2008
1. You've made your place safer.
Insurance companies extend credits for alarms, sprinklers and other safety devices. Just ask.
2. Rebuilding costs are going up.
The market value of your home, which includes the land, and its replacement value aren't the same. When you're insuring, you're covering the house, not the land, so don't overinsure. However, the cost of rebuilding usually increases year to year, so review your coverage occasionally.
3. You've got more stuff.
The amount of stuff you own, and need insurance coverage for, will vary over the years. Do a home inventory occasionally to value the goods in your home, and adjust your insurance coverage appropriately.
4. You've remodeled.
"Something as simple as a bathroom remodel can impact your home value and should be discussed with your agent," says Madelyn H. Flannagan, vice president for education and research at the Independent Insurance Agents and Brokers of America.
5. You work at home.
If you're running a business from home, you could have limited or no coverage under your home policy.
6. You've bought some expensive items.
If you have an extensive collection of jewelry or artwork, you may need additional coverage.
7. You want to protect your liability.
Homeowners insurance also covers you against lawsuits for bodily injury or property damage to your family or other people visiting your home. Most standard home and renters insurance policies provide at least $100,000 of liability coverage. However, there is additional protection that you might want to consider adding if you have more assets to protect.
8. You live in an older home.
Standard homeowner's polices won't cover you for damage from sewer or drain back-up or other mishaps that you might experience in an older home. Check with your insurer about other types of insurance coverage you might need.
This article was written by Allison Bisbey Colter, a contributor to Relocation.com, a leading provider of information about moving, home improvement and insurance issues related to the relocating process.
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