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Don’t let your CT Homeowners Insurance Policy Fall Short

No matter what type of ct insurance policy you may have, perhaps the two biggest and most important policies you can have are life insurance and ct homeowners insurance. Why? Well just think about it.  Life insurance is vital to ensuring that your loved ones are okay financially if you pass away.  And as for your home, chances are it’s one of the largest investments you’ll ever make, so making sure that it’s well insured is a very intelligent move on your part.

However, while homeowners in Connecticut have a standard CT homeowners insurance, having the right coverage for your specific home and property is what is KEY to your financial future and survival in these often turbulent fiscal times. Anyone can have home insurance, but having the right coverage for your home is often what separates the best from the rest.

So in order to ensure that your home and property are a perfect match for your ct homeowners insurance coverage, below are four of the biggest circumstances that homeowners miss that can and will have negative ramifications on your insurance coverage.

1. Remodeling and renovating.  It doesn’t matter whether it’s a simple bathroom remodel or a whole addition to the home, all the new stuff and structure needs to be reported to your home insurance provider.  If your addition adds about $15,000 to the value of your home, then the coverage for the home needs to reflect that new value.

2. Not knowing the difference in VALUE.  Most homeowners use the value in which they paid for their home, or the current appraisal rate to figure their home’s insurance policy.  But what should really be the deciding factor is the actual cost of rebuilding the home itself, not the value of the home.  See what we mean now?

3.  We should all know this one by now if any of you have been following our blog.  Flood insurance is SEPARATE from a standard ct homeowners insurance, so if you live in a high-risk flood zone, get coverage! That is all.

4. Cost of construction.  See how the price of gas has gone up and down and up and down? Well, all that flucuation can have other financial effects on other products, like for instance the price of lumber.  Yes, that lumber that is used in the building of homes. This factor can increase the replacement value of your home (that we mentioned above), so make sure that it reflects the cost to fix/replace your home in the event of a claim/ loss.

Have a great weekend everyone!

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