Oct. 26, 2019

Column - September 2019

When Should I Update My Home Owner’s Insurance?

The hurricane running up the east coast tonight made me think:  That is a SERIOUS question!  When’s the last time YOU thought about it?  When you saw last month’s mortgage statement, or when you noticed the yearly insurance payment withdrawal from your escrow account?  MAYBE you haven’t thought about is since you purchased your home?  Have you been on Insurance Autopilot???

Why is insurance important?  It protects you, your belongings, and your family against loss!  As your home changes, your insurance needs to change also.

Telltale signs that you should review your coverage:

1. Additions, Improvements or Renovations:  Whenever you physically increase the value of your home, increase your insurance!  If you don't, your policy may NOT cover the full cost to repair or rebuild if disaster strikes. 
2. Is your local housing market changing?  The San Antonio Area housing market is HOT, HOT, HOT!  Prices are increasing for both pre-owned and new construction homes!  You can bet building material prices will also rise.  Increase your coverage to insure that you can repair or rebuild in today’s market.
3. Thinking about a roommate or of joining the AirBnB craze?  Review your coverage if you are taking on a tenant or want to allow short-term rentals.  Investigate your HOA rules BEFORE you make your decision!  Renting just a room in your home can leave you liable for all types of issues!
4. Did you acquire an expensive personal item?  Did your Sweetie buy you a beautiful piece of jewelry?  Did a 60” 4k Surround Sound TV magically appear in your den?  Increase your personal property coverage, or get a rider, to protect your items in case of theft or damage! 

Your mortgage company needs to know of any changes to your policy!  Whether you change insurance companies, or your costs increase or decrease, your escrow account needs to be adjusted accordingly! 

Who are you going to call to help make Your Real Estate Dreams Come True?  Why me of course!  See you next month!