5 Things You Should Know About Your Homeowner’s Insurance

David Imschweiler of DJI homeowner’s insurance spoke to a local group about the things you should know aboutthe policy that protects your home and belongings. Though Imschweiler gave plenty of good advice, here are the top five tips:

1. Talk to Your Insurance Agent: “The time of loss is not the time to say ‘we didn’t know,” says Imschweiler. “Sit down and feel comfortable with your agent.” In the event of a robbery, fire, flood, or other disaster many people are surprised to find what their policy does or does not cover.

2. You Have a Full Year to File an Insurance Claim: You have a full year from the time of a burglary or other incident to continue to make insurance claims. “If stuff gets taken it may not be discovered for several months,” Imschweiler said. “Take your time.”

3. Find Out if You Have Guaranteed Replacement Cost or Actual Cash Value: With an actual cash value plan, insurance agents will adjust the cost of a damaged or stolen item to take the item’s depreciating value into account. Often, this means an old piece of equipment that cost a lot to purchase is only marginally covered. With a guaranteed replacement cost, which can be bought for just a little extra, your property will be covered for the price you paid for it.

4. Schedule Your Jewelry on Your Policy: “Most homeowner policies will limit coverage on clothes, furs, guns, and jewelry,” Imschweiler said. By scheduling your jewelry for a set cost each year, the full cost of that item will be returned if the item is lost, stolen, or damaged. Imschweiler also suggested, based on rising gold prices, that you have your jewelry reappraised every other year to a year.

5. Take Advantage of Your Policy: Most homeowners are not aware that their policy will pay to replace all of the locks in your house, if you lose your keys. Policies also cover some minor incidents, such as if your scrape the kitchen floor moving the fridge. Take advantage and be aware of this coverage.