Caring About the “Health” of Your Residential Property Insurance Coverage
As many of us can attest, life is a powerful and willing teacher to both the “open-minded” and the equally “hard-headed”. As we live our lives, we are taught many lessons that help us; none more salient than the obligation to take care of our physical and mental selves.
Whether it comes in the form of a rhyme, “An Apple a Day Keeps the Doctor Away,” or through common ritual, such as having an annual physical— having an understanding, knowledge of what can impact you in the future is a game changer.
Just as we gift ourselves “knowledge” through annual well-visits; it is important to be attentive to other things/items that can cause serious “heartache” to our clients - specifically referring to the homeowner insurance policy that your clients have in place right now, which if not adequately prepared could be devastating financially, should property damage occur.
Arguably, insurance policies are one of the MOST important yet least understood protections for their assets that a homeowner has. I do not recall ever hearing a client tell me they “poured a nice bottle of wine and cozied up to a full copy of their residential insurance coverage.” It doesn’t happen but it absolutely should (and with some good wine).
Too often, insurance coverage is considered a “set it and forget it” purchase but it shouldn’t be. Insurance companies offer a variety of policies designed to fit the unique needs of their customers. But just as humans are living, breathing creatures so are the homes that are covered by the insurance policy that your clients live and raise their families in. Remember, homeowner insurance is designed to protect a home at its current value, not the value when it was initially acquired.
Below are a couple of suggested questions your clients can ask themselves when it comes to their current coverage:
- Make “Insurance Renewal” an Event. Whether that means marking it on your calendar or sending out a meeting invite to your insurance agent before the renewal deadline.
- Ask Yourself the following questions, and any others you can think of, as this might signal a need to revisit the coverage currently in place!
- Expensive Possessions. The possessions you acquire change regularly. If you purchase or inherit expensive items, your home insurance policy should reflect the changes.
- Self-employment. Starting a home-based business is more common than ever. Still, a typical home insurance policy does not provide protection for this. An in-home business policy/endorsement will protect your business-related activities and property in your home.
- Changing Family. Marriage, divorce, and a new baby are all events that can change the coverage required for you to be adequately protected. You may have more possessions which need coverage.
- Potential Disasters. A typical home insurance policy may not cover the perils associated with high-risk areas. As the climate and environment continue to change, you may need to reassess your risk factors and reconsider a flood or earthquake policy.
Insurance is one of those professional products that can safeguard your world from catastrophe, so it is important to make sure you have a frequent, accurate and comprehensive review of your insurance coverage for your home.
Your agent has the professional knowledge to help you decide if you should change your coverage.
As the Midwest’s largest and oldest public adjusting firm, Globe Midwest Adjusters International’s core focus is exclusively representing property and business owners, during the insurance claim process, to maximize and expedite our clients’ insurance claim settlement. With offices in Southfield and Grand Rapids, Michigan, Chicago, Illinois, and Appleton, Wisconsin we are experienced with the types of natural disasters that strike the Midwest, the companies that insure here, and how local claims are handled.
About the Authors
Stuart Dorf, JD is the Senior Vice President of Business Development/Marketing of Globe Midwest/Adjusters International | sdorf@globemwai.com | 248.262.5944
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