Now that the calendar has turned to February and all the craziness of the holidays is behind us, it’s a great time to capitalize on the renewed energy that the new year brings and do some important reflection on where you’re at as a homeowner.
That includes a lot of things – making needed repairs or updates to your home, checking to see if refinancing your mortgage could save you money, and looking at your current insurance coverage, too.
When it comes to reviewing your insurance, it’s a quick and painless process, yet one that could prove to be one of the most important investments that you can make for your financial future.
Though it’s ideal to keep your insurance agent informed about any changes you’ve made to your property, it’s easy to forget about in the hubbub of everyday life.
With that in mind, here’s a few things you might have done to your property over the last few years that could change the value of your home and necessitate a review of your current insurance coverage:
- Home improvement projects, like a bathroom or kitchen remodel
- Building an addition to your home, like adding a family room
- Replacing the roof
- Adding new windows
- Putting in a new alarm system
- Adding a wood burning stove, pellet stove or gas fireplace
Any of these items could have a significant impact on the value of your property, and if you don’t update your insurance policy to reflect that, you could find yourself underinsured. That’s not a good situation!
Additionally, we recommend that you take stock of the valuables you have in your home on a yearly basis, again, to make sure that your insurance coverage is sufficient.
When doing a home inventory, list expensive items like furniture pieces, antiques, jewelry, electronics, guns, and so forth. If you’ve made a lot of purchases since your last home inventory, be sure to let your insurance agent know.
Another smart idea is to talk with Your Hometown Realtors about the current market value of your home.
If you’ve owned your property for some time, you might find that its value is more than what you owe. If that’s the case, that opens up the potential to tap into that equity to address things like paying down other debt or even making improvements to your home.
Of course, if you make improvements to your property, be sure to let your insurance agent know!
If you have any questions about homeownership, don’t hesitate to give us a call at 307-856-3999 or drop by our office at 309 N Broadway in Riverton.