If you’re like most Americans, you tend to get an insurance policy and then only think about it if your rates go up, or if you have to make a claim. While you can get away with that for a while, as you age it becomes more important to pay a bit closer attention to your insurance policies. This is particularly true when it comes to homeowners insurance policies. These are the three most important tips every aging American should consider when it comes to their homeowners insurance.
Consider A Rider
Chances are that as an older adult you have accumulated a few very valuable items. Whether those be collectibles, jewelry or antiques the contents of your home are likely worth substantially more now than they were when you first got your homeowners insurance policy years ago. That means that the coverage you got for the contents of your home may no longer be enough.It’s also important to remember that just because you have $40,000 in personal property coverage, only $1000 might be reserved for jewelry. If you have valuable items that need coverage, consider taking out special riders to cover them.
Is Your Policy Up To Date?
Take the time to read through your current homeowners policy and make sure that everything is up to date! If you’ve made any renovations to your house, or improved the landscape in any way the value of those changes won’t be reflected in your older policy.
A homeowners policy is only as good as the coverage it provides. Not only that, but out of all insurance policies, homeowners policies become outdated the fastest. Remember, if the policy is outdated and your coverage isn’t sufficient enough to replace everything in case of a disaster, you could find yourself in serious trouble. Disaster does strike, it’s best to ensure it can’t strike your life and your bank account at the same time but making sure your insurance policies are up to date.
Inquire About Discounts
While it’s always a good policy to regularly keep an eye out for any discounts you can take advantage of, this is particularly true when it comes to insurance policies. As an elderly American, you probably are a part of the AARP. Well, purchasing a homeowners policy using your AARP discount is likely to net you the most affordable policy on the market. If you decide to couple that policy with an auto-policy, you can really maximize your AARP benefits.
It can be easy to ignore your insurance policies for years after your purchase them. To be completely honest, it’s possible that there are no repercussions from that. Unfortunately, the stakes are very high when it comes to homeowners policies. If you do find yourself in a position where you need to make a claim, and you haven’t kept your policy up to date you could very easily find yourself in a world of trouble.
If you want to see what your options are with your current policy, or perhaps even purchase a new one. We encourage you to reach out to the staff at TGS Insurance. They are experts in the homeowners field and are always willing to work with you to find the right policy for your lifestyle. Visit www.tgsinsurance.com to learn more.