Why is it important to have an annual Massachusetts Home Insurance Review?
We’ve seen it hundreds of times over the years. A prospective client shows us their home insurance coverage Declarations Page and there, at the top of the page, is: an eye-popping number.
“How long have you lived in your home?” I ask.
Over 20 years.
“Have you ever had a claim?”
“Do you have a Pit Bull?”
What on earth is going on here? A beautiful home, perfect clients and an insurance premium that is out of sight.
I go to our home insurance comparative rater and I verify my suspicions.
The home is over-insured and under-discounted.
I’ve heard it called: “the insurance two-step.” One step one way, another step the other way.
Left unchecked, a home insurance policy can go the way of a runaway train. Every year insurance companies increase the policy’s coverage A, Dwelling, amount by an average of 3 – 4%. When dealing with large numbers, over a number of years, the home insurance policy’s dwelling amount can get way too extravagant.
The dwelling amount should represent the home’s pure construction cost, or replacement cost. This number is very different than assessor or market values.
Another reason it’s important to suffer through an annual Massachusetts home insurance review is because insurance companies role out different discount programs every year.
With the assistance of HomeownerQuote, we’ll shop for the latest and greatest package discounts to ensure you’re not over-paying for home insurance.