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Top 10 Reasons Why To Review Your Home Owners Insurance

Updated on June 16, 2014

Home Owner

Home Owners Insurance

Often the changes in our lives are expected and typical of everyday life. However these growths or changes also can affect our insurance needs. Some changes occur outside our control and will also have a role in our insurance premiums. Often the major changes in our lives are rightfully overlooked when thinking of home owners insurance. Finally as each state regulates the laws and insurance rules trying to keep up with the changes is almost impossible. Home owners insurance is not just a necessity required on most home mortgages; it is a safety net from losing or devaluing a large asset. Below are ten common everyday changes that could affect the premium on a normal home owner insurance policy.

Section I - Property Coverages

Other Structures
Personal Property
Loss of Use / Additional Living Expense

Top 10 Home Owner Insurance Factors

  • One of the best home owner insurance items is replacement costs. As the main purpose for insurance is to provide a safety net, replacement cost coverage on personal property will pay to repair or replace your personal property at current inflated price. For example, if you paid $10 for an item several years ago, and to replace it today would cost you $20, the insurance would pay the $20 inflated price. Inflation coverage automatically increases the amount of your insurance coverage on your home and personal property, and is based on the movement of an inflation index and general is reflected in the premium on each renewal. The National Association of Home Builders ( will often put out a general price per square foot building cost broken down by regions in the country.
  • Often the assessment value of the asset does not reflect any home value improvements. Any upgrade or DIY project that has been done can also increase the value of the home and should be taken into account.
  • Quite often insurance companies will provide discounts for safety items that have been added to the home. These are not limited to home alarms, automatic sprinkler, or motion sensor outdoor lights. Be sure any and all discounts that are available are reflected in the policy. It is common for insurance companies to discuss the discounts with new customers, however can be often overlooked with existing policy holders.
  • The most common life changing events that can be overlooked on a home insurance policy is the addition or reduction of children. As children are brought into the home, the content of the home increases. It is encouraged to keep an inventory of the content of the home. With the addition of children the content will change and continue to change as they grow. Generally a 55% of value is a good starting point for content; however children can quickly take that number to 75%. As the children go away to college or permanently move from the asset the content is reduced. A hidden fact is the ability to take advantage of reduced premiums during college years.

Section - II

Coverage Class
Personal Liability
  • If collecting is a hobby, or an inheritance has been received, it is always good to ensure the content value is correct. Generally as the quality of life gets better the quality of content increases. Replacement cost coverage will also help with the safety net for contents, if inflation is not automatically assessed the value of your content should be.
  • One of the biggest surprises for a work from home business is the lack of coverage a typical home owner’s insurance policy covers. If a home office is an addition to the current asset a review of the current policy is in order. Most home owners policy does not cover in home businesses and most home owner policies will offer a discount for having someone in the house during the day (is is considered safer to have someone home as opposed to an empty house).
  • The federal government offers flood & earthquake insurance; however a supplemental policy can usually be added to the home owner’s insurance policy. As the flood and earthquake zones are often changed provides the latest coverage offered by the federal government.

Home Ownership

Homeowners Insurance 101

  • Personal injury insurance is available to protect the home owner from personal liability. It is important to take into account your total asset value and protect all of your assets. Typically a policy has $100,000.00 value; this usually covers legal costs weather innocent or guilty as well as medical costs. If the home owners net worth is more than $100,000.00 this needs to be taken into account.
  • It is very important to have an understanding of the home owner’s policy. A misconception commonly discussed is a sewer or drain back-up. Most general insurance policies do not cover this mishap, which occurs in 57% of most homes. Problems that occur in older homes often are not covered with general insurance policies, as well as front sidewalks. One of the most common disputes with insurance companies is what is covered by the home owner and what is not. Do not wait for an accident or natural disaster to find out.
  • All insurance companies offer discounts, and most offer multiple insurance discounts. These should be reviewed as not all are cost savings. If the policy originally is more than a competitor is sure the discount is large enough to cover the high bid. Negotiate promotions with the insurance company as well, it is not uncommon to get a long term customer loyalty discount.

How E-Commerce Can Help

Home insurance is not just a mortgage requirement; it is a protection for your future. With the expanse of e-commerce, ensuring the home owners insurance policy has the right terms for the best price is easier than ever. The first step is to dust off the current policy and read it. If necessary phone the company and have them review it until the policy is completely understood. It is very important to be comparing the exact same terms. The second step is to determine how much and what kind of insurance is best to ensure the assets are protected. The third step is to take the information gathered and visit This is a website that takes the quote information and sends it to multiple companies for multiple quotes. This process should be done a couple times a year or at the very least before the next renewal. The biggest life style change of course is how to spend precious time in the day. Hours can be spent trying to obtain insurance quotes and comparing different policies, hours none of us have. As long as the information has been gathered and the needs has been accessed e-commerce can help with the rest.

© 2014 Pamela Stanford


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