Every spring, my husband and I are out cleaning our roof, clearing out the gutters, pulling the weeds, and preparing the garden beds. We work meticulously making sure that our home is well taken care of and ready for the upcoming season.
Inside we are cleaning the appliances, painting the walls, fixing whatever damage the kids have caused, vacuuming endlessly, repairing, updating, cleaning, etc....(you know this list goes on forever and ever). If we don't keep up with our homes, eventually, it's going to turn into a dump (literally, the kids think the floor is a trash can).
(A little photo progression of my home throughout the years)
We update our computers, we back up our phones, we subscribe to new streaming services, we review our accounts. We asses our finances.
We are constantly repairing and updating- almost every aspect of our lives.
But have you ever considered that with all the repairs, upgrades, and changes, that your insurance may need to change too?
Just like every other service out there- I.E. banks, cell phones, contracts, utility services, etc...they can change and you are subject to those changes and new products come out with new packages. Insurance is no different.
Have you looked at your policy(ies) in the last few months? Your policy may have been the perfect fit for you when it started. But consider- Has the rate changed? Has the coverage changed? Better yet, have you changed something to your home/auto/health?
Often, we become complacent with our insurance. We have it. We rarely see it or use it. It comes out of our bank accounts or is paid with our mortgage. Out of site, out of mind.
I won't be the first (or the last) to tell you that shopping for insurance and switching can be a chore. It can be a juggle of finances and policies for a moment.
I don't know about you all, but my home is everything. It is where my family is raised, my pets are roaming, our business is thriving, and our garden is growing. We take pride in the home we have created.
So, that is why we found ourselves talking with our agent to do a bit of policy maintenance, ourselves. And we discovered that our policy has not kept up with the changes we've made. During our review, we realized that since 2020 we have:
built a cedar fence
torn down a garage
replaced flooring
built 2 studios
Now, I'll say that it wasn't responsible of me to update the policy as we went, but I am guilty of complacency. This is why this post is being written. As Insurance Agents, we need to "walk the walk and talk the talk". Gosh, this is feeling like an admission.
My current policy was tens of thousands dollars short in outbuilding coverage, my husbands business property wasn't covered, and my loss of use was absolute garbage. Don't get me started on the rate. If you have seen it go up exponentially, you CAN and SHOULD ask why. I have an older home, and the fear of underwriting is real. Getting caught up in being told "no" and having a fear of rejection often stops us (humans) from taking action (on everything).
I landed a policy that was $1,000 less with coverage for my studios, business, and filled in all of the gaps that the old policy was lacking. I'll have to deal with escrow, refunds, and billing for a couple of weeks, but I'd say it was worth the effort.
In this process, I also updated my auto insurance. I've always carried above state minimums and decent coverage on my vehicles. But, my insurance doubled since I had started it. No tickets or claims. Vehicles only aging. It's reasonable to consider that there will always be rate increases. Again, it is ok to ask "why?". End of the story, found a policy with higher limits, and better coverage for about -$30 month.
At the end of the day, you should feel confident that your insurance has you well covered. Your rates are competitive, that your policy is tailored to your needs, and when all is said and done, after a claim of any shape or size, you can walk away financially unscathed.
And, we can help with all of this...the home coverage limit review, the liability limit review, the auto policy review. Give Ferguson Insurance Services a call today! (360) 400-0530