cocktail dogThis year, as you are swearing off sweets and promising to yourself that you’re going to make it to the gym on a regular basis… make the time for a new New Year’s tradition and review your insurance policy. Most likely you set up your homeowners insurance many moons ago, so now is a good time to make sure you still have adequate coverage.

Things to Consider When Reviewing Your Homeowners Insurance

Rebuilding Costs | Find out what it would cost to rebuild your home. Increases in labor costs and building materials could mean that the home you have insured for $200,000 could take $300,000 to rebuild. Consider adding Ordinance and Law coverage to account for changes to the building code.

Home Improvements | Factor in the existing “quality” of the materials used to build and furnish your home, paying special note to any past renovations or upgrades. The purpose of insurance is to bring you back to where you were before the loss, replacing with like kind and quality. Something as simple as a kitchen renovation or new exotic hardwood floors could upgrade you from “standard” to “custom” quality.

Major Purchases | Update your home inventory using the RogersGray App (yes, shameless plug), making special note of any major purchases that would require additional documentation in the event of an insurance claim. 

Eligibility for Discounts | Check to see if you qualify for discounts that you may not have been eligible for when you first applied. Adding additional security features, paying off your mortgage or having a claim-free history can contribute to lower premiums.