Isn't it amazing how quickly things change? It can be easy to forget one of the most important things to consider as our lives, property and possessions continue to change. Your insurance coverage. So the purpose of this blog post is to advise you of coverages and limits that will bring your insurance as up to date as possible. This review may actually bring about a savings in your premiums, which is always our goal.
Your 2015 Homeowner's Review
o Replacement cost on your Home (dwelling) - We recommend that your home be insured for the full cost to replace with no deduction for depreciation. Many homeowners insurance policies don't provide for replacement cost settlement. Instead they provide for actual cash value settlement. This means that depreciation would be deducted from any covered property claim to the dwelling. Ask your agent if your policy has replacement cost coverage.
o Insured Value of your Home -What's the current price per square foot that your home is insured for? $125, $150, $200 ? We're not appraisers but we recommend no less than $150 per square foot. High value homes can be $600 per square foot. Remember to only consider the house and not the land.
o Insured Value of your Personal Property - We recommend a limit equal to or greater than 50% of the dwelling coverage limit.
o Replacement cost Settlement for your Personal Property - Your personal property may not be insured at replacement cost. Any covered claim would include a deduction for depreciation. We recommend replacement cost coverage.
o Wind & Hail Deductible - This is the deductible that applies for any wind and hail claim. This can be a claim from a wind storm, tornado, tropical storm, hurricane, hail storm or the like. Sometimes you can pay a little more for a lower wind & hail deductible.
o Wind & Hail Named Storm Deductible - This is like the wind & hail deductible but better since it only applies to named storms. Where a regular wind & hail deductible would apply to say a tornado that wasn't hurricane or tropical storm related, this deductible wouldn't apply. That's a good thing. The policy deductible also known as the "all other perils" deductible would apply and is usually substantially lower.
o Earthquake -Since were are on a major fault, we recommend this coverage.
o Flood Insurance - Homeowner and dwelling policies do not include coverage for flood. Only a flood insurance policy provides this protection. Even if you're not required to buy flood insurance by your mortgage company, you are probably still living in a flood hazard zone. We can provide a quote for flood insurance and more information so you can make an informed decision.
o Flood Insurance - Check to see if your limits on your flood insurance for the dwelling and contents match the limits on your homeowners policy. These limits should match.
o Flood Insurance - Contents or personal property is optional on a flood insurance policy. Check the limits to make sure you're covered.
o Cars - If Triest Agency doesn't currently insure your cars then you could get even more discounts. Ask your Triest Agency Account Executive how.
If you need assistance or have any questions, please call Triest Agency at 843-556-6232. Even if you don't currently use Triest we'll be glad to review your policies for you.