Homeowners insurance should be your ultimate protection. But is your insurance doing the job it should? I asked Aaron Clark of Starkweather & Shepley Insurance Brokerage to share his top 3 tips that homeowners can do to increase their coverage without inflating their cost!
- Always have extended replacement cost coverage on your policy as it is very inexpensive and helps protect you in the event of a major loss. Currently there is a shortage of timber and the cost to build has skyrocketed! In the event of a major loss, would your policy have enough to rebuild your home if a contractor gave you a price with the inflated prices? Guaranteed replacement cost is also not expensive to add and that assures beyond extended replacement cost coverage that you are covered regardless of the quote the contractor gives.
- Always choose higher liability limits on your home policy…the cost difference to go from $300,000 to $500,000 or even $1,000,000 is sometimes less than $3/month but the coverage is one that helps insulate you from a lawsuit for events including but not limited to dog bites, slips and falls, libel and slander (depending on policy), damage to another’s home or hotel (accidental kitchen fire), even accidentally hitting someone with a golf ball on the course .
-  As a landlord you should require tenant’s to carry a renter’s insurance policy. If they cause major damage (i.e. smoke and fire damage), the security deposit will likely not be enough to cover repair work. Renter’s policies include liability coverage that can be applied to this damage in your rental unit. If this happens, it would be a claim against your tenant’s policy and not yours, helping to keep your premiums lower!
For more helpful tips and information, contact:
Aaron Clark, aclark@starshep.com, 860-637-3053 (cell) 401-435-3600 (office)