The weather will start to heat up this month in the Peach State and our southeastern neck of the woods.
Summer fun beckons and that family vacation grows nearer each day.
And while you and yours may enjoy getting a break from the routine, here at Arrow Insurance,
we advise adding a new routine to your summer break: A mid-year insurance check-up.
1. Check your policy deductible - In case you have hurricane deductibles, they may apply if your home is damaged by high winds associated with a thunderstorm.
2. Review your policy limits - If you have made any significant home improvements or purchased any expensive items, you will want to be sure that your policy limits reflect the current value of your belongings. Make sure to keep track of big-ticket items and keep receipts in a safe place in case you need to file a claim. Also, should the worst happen in the form of a major loss to your home, you'll want to make sure you have enough coverage to rebuild properly.
3. Evaluate your home's risk for flooding - Flooding is not covered by standard homeowners insurance policies. If you live in an area that is at risk for flooding, you will need to purchase a separate flood insurance policy. You can usually get this through your mortgage lender or insurance company. Most mortgage lenders require borrowers to carry flood insurance if the property is located in a high-risk flood zone as determined by the Federal Emergency Management Agency (FEMA). Even if you're not required to carry flood insurance, it's still a good idea to evaluate your risk and consider purchasing a policy. Just remember, an ounce of prevention is worth a pound of cure.
4. Know your coverage - Homeowner's insurance policies typically cover damage caused by fire, wind, hail, lightning, and theft. But there are many types of perils that are not covered by standard policies, such as earthquakes, floods, and sinkholes. Make sure you know what is and is not covered by your policy so that you can purchase the appropriate coverage.
5. Consider additional coverage - In addition to your standard homeowner's insurance policy, you may want to consider purchasing additional coverage for things like jewelry, art, or other valuables. You can usually purchase an endorsement or a rider to your policy that will provide this extra protection. You may also want to provide further protection in the form of an umbrella policy.
6. Consider an Independent Agency - While homeowners insurance rates can vary significantly from one company to the next, so can service and attention to detail. That's why it's so important to realize an independent agency has the ability to provide more choices regarding the cost of insurance while not sacrificing coverage.
7. Stay claim-free - Your claims history is one of the biggest factors that insurers consider when determining your rates. That's why it's so important to avoid filing unnecessary claims. If you can afford to pay for the damage yourself, it's usually best to do so.
8. Raise your deductible (only if advised) - One of the easiest ways to lower your homeowner's insurance premiums is to raise your policy deductible. This is the amount you would have to pay out of pocket before your insurance policy would kick in. By raising your deductible, you're essentially telling the insurer that you're willing to bear more of the risk yourself. This usually results in lower premiums but increases the risk of out-of-pocket costs should you file a claim. Best to speak with Arrow before considering this.
9. Install safety devices - Another way to lower your homeowner's insurance rates is to install safety devices like smoke detectors, deadbolt locks, and home security systems. These devices can help to deter burglars and protect your home from fire, so insurers usually offer discounts for homes that have them.
10. Get quotes from multiple insurance carriers - The best way to ensure you're getting the best possible rate on your homeowner's insurance is to get quotes from multiple insurers. This way, you can compare rates and coverage options side by side and choose the policy that's right for you. As an independent insurance agency, we can connect you to a variety of carriers.
Now that you have a summertime insurance check-up list, it's time to talk with Arrow about your policy. We can provide a quote, have a conversation, or both. Arrow promises to shoot straight with you to target the right insurance coverage.
Your quote is fast, free, and easy.
Just what you want during the summer.
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