Determining Quality of Current Poly
The only way to determine if you need a new policy is to consider your existing one. Use the following steps to decide if you should revise your policy or switch providers:- Review your existing policy annually and add coverage when you can afford it.
- Make sure your insurer knows of any additions or remodeling you have done to your home.
- Update your inventory of valuables and remove anything on the list that is no longer valid.
- Look to see if flood coverage is included in your policy and, if it is, under what circumstances it can be used.
- It is a good idea to sit down with your agent and go over your policy in-depth. You can learn about additional options to protect your homes.
Shopping for a New Policy
If your home was destroyed, you will need a new policy once you have new home. You might decide to rebuild or move to another community. Another reason you may need to search for cheap home insurance is because your insurer has dropped you.After a natural disaster, insurers are overwhelmed with claims. It is common for them to review existing customers and drop those they deem to be high-risk. If you need a new policy, use the following recommendations to get a great policy:
- Buy additional coverage to replace valuable items that are not covered by typical policies. Keep receipts when you purchase computers, artwork, jewelry, and other expensive items.
- Learn how to use deductibles to your advantage and find out how losses are covered when claims are filed.
- Ask about the claims-approval process so you know what to expect in different scenarios. It is helpful to know what to expect if you experience another natural disaster.
- Purchase as much flood coverage as possible as long as it is worthwhile and does not have a lot of exclusions.
- Get earthquake insurance if you live in an earthquake zone. Losses that result from earthquakes are not covered under a basic policy.
