Why you Should Review your Cleveland Home Insurance Policy in 2019

Why you should review your Cleveland home insurance policy in 2019

Things change...
There are many reasons why you should review your Cleveland home insurance policy in 2019. One very big reason for this is that the value of homes are always changing. Whether it is the new addition that you put on your house or the damages that occurred because of the last hailstorm you had, there are many reasons why the value of your home may have changed in the past year. It is very important that you are in-the-know when it comes to these things and that you know the value of your home so that you are able to make sure that you have the proper insurance coverage that you need.

Some things you will want to consider...

Rates may have changed
You should always know how much you are paying for your insurance. If you aren’t careful, you may fall victim to your insurance company upping the price for coverage and you having failed to see that until you’ve already paid the higher cost for months. You always want to stay on top of every bill you pay, because rates change regularly with all types of companies, from your Wi-Fi provider to your barber, and most times without you even realizing it until you’ve already paid the higher rate for a while. Stay on top of things by regularly checking your bill and checking in with your insurance company to make sure that you are able to catch any changes and talk them over with your insurance agent.

Renovations
Another major reason you should review your Cleveland home insurance policy in 2019 is due to renovating. When you renovate your home, or in other words, when you improve your home, you increase the value. From remodeling your bathroom, to finishing your basement, to adding a room on to the house; these are all important things to discuss with your insurance agent, as they change the value of your house. When you increase the value of your home, it is important to realize that the increased value isn’t automatically added on to your insurance policy. It is important to talk with your insurance company about the increase in value of your home. If you do not do this, you could end up paying for certain repairs on your own, were something to happen. If, for instance, you remodel your basement and add a brand new entertainment system and theater seats to turn it into the ultimate movie-watching spot, you most likely added value to your home. If something were to happen in your basement, like a potential pipe leak that lead to a flood, you could end up having damages to these new improvements. If the improvements weren’t shown on your insurance policy, then you will likely have to pay for these things on your own. This is just one example of why you should review your Cleveland home insurance policy in 2019 in order to make sure that everything in your home is protected, even the new and improved parts.

Damages (flood, hail)
Although we hate to tell you this, damages do play in to the value of your home. Whether it was a flood that ruined your basement, or a hailstorm that ruined your roof or the siding on your house, damages are a huge reason why you should review your Cleveland home insurance policy in 2019. Stay on top of making sure that your home’s value is correct, always talk to your insurance agent about things, and ask questions if you’re unsure. The people who are trained to help you find the value of your home surely know their stuff, so why not reach out and ask questions today.

Qualifying for new discounts
Some perks to home improvements are that they make life more convenient, put you at ease, and make you feel a little bit safer in your own home. What if we told you that they also may qualify you for a discount on your insurance? Yes, that’s true, and if you have recently made improvements to your home, you’ll want to read this part. Whether you just installed an alarm system or updated your plumbing, making your home safer will benefit you in more ways than one. With updated safety features, updated plumbing, updated electrical, and any other safety updates you may make to your home, your home essentially becomes, well, safer. This also means that it is less of a risk for insurance companies. This, in turn, leads to discounts/reduced costs. Great news for those who have recently decided to improve their homes! Be sure to talk to your insurance agent today if you feel that you meet this criteria, because your discount may just be a call away.

The value simply went up…
Maybe you built a home in an up and coming neighborhood, and by now everyone and their brother wants to live there. Property values change regularly, and it is important to be aware. Not every area will stay at the same value this year and where most people want to live is constantly changing. It’s important to be mindful of this and to go back over the value of your home often, as it is not always just about the inside of your home, but the property that your home is on as well. Talk to your neighbors, do your research, and talk it over with a trusted insurance agent.

And with that...
For all of these reasons, it is so important to stay in-the-know and be aware of your home insurance policy as it changes. By being on top of things, you prevent headaches down the road, as well as potentially saving you and your family a good amount of money. All the more reason why you should review your Cleveland home insurance policy in 2019. Happy New Year, and we hope you’ll be in touch with Cobos Insurance for all of your 2019 insurance needs and beyond!