Homeowners in the greater San Antonio, TX area are finding a benefit in reviewing their home insurance policies each year. The team at Versatile Insurance Planners recommends that residents do this review regularly to ensure that their policy coverage amounts are keeping pace with the value of their home. Don’t find out after it’s too late that you don’t have the coverage levels that you need!
Factors that May Increase Your Coverage Needs
Property Values – As your home value increases, so do your coverage needs. A regular review of your policy will make sure that your insurance protection is keeping pace with your needs. This is a factor that’s often overlooked by homeowners until they have a covered event and find out that their policy levels are now insufficient for their protection needs.
Improvements and Renovations – If you have contracted an addition on your home, installed a new kitchen, or updated your bathrooms, your coverage requirements have likely increased. Smaller home improvements, like installing new flooring, may also affect your coverage levels.
Personal Belongings – The more expensive gadgets and items that are purchased through the years, the more insurance coverage will be necessary. Keep in mind that items and devices that you use every day, such as personal electronics, can add up very quickly. TVs, computers, and other technological items also carry a high value, especially when each member of the family has their own devices.
Are you a homeowner in the greater San Antonio, TX area? Contact the team at Versatile Insurance Planners today and schedule a consultation to review your home insurance policy. It’s essential to make sure that your coverage continues to be adequate for your needs.
Renovations make your San Antonio, TX home more valuable, comfortable, a fit for the needs of your family and lifestyle. However, some changes affect more than how your home feels. Here are some renovations that also have a big impact on your home insurance.
Adding security features is a great way to keep your property safe from malicious invaders. Floodlights, cameras, and defensive landscaping prevents unauthorized access and makes it easier to catch culprits in the act. Your insurance company may also look favorably on your upgrades. Increasing security means it’s less likely they’ll have to pay for theft damages.
Pools and Spas
Relaxing in an outdoor pool or spa is the best way to take the stress away. However, the installation of an outdoor pool could change your premiums. Pools are associated with high-risk activities that could trigger the need for a payout. In these cases, your insurance agent might look closely at your new addition and consider higher premiums.
Additional Rooms and Indoor Spaces
Adding an extra room onto your main dwelling gives you the space you want for bedrooms, storage, or a special area for friends and family. However, that structure may not fit into your current policy coverage. The agents at Versatile Insurance Planners use a formula to determine the proper amount of coverage for your home. Adding to your property changes this formula. Talk to our agents before you begin your build to ensure your new addition is fully covered.
Versatile Insurance Planners offers homeowners insurance coverage to residents in the San Antonio, TX area. Talk to our agents for more personalized information on how your renovation plans might affect your policy.
Home security systems are designed to protect your home and your belongings. They work around the clock, whether you are at home or away. At Versatile Insurance Planners, the agents can help residents living in the San Antonio, TX area discover the benefits of having a home security system installed in their home.
A Deterrent for Burglars
Many home security systems offer small signs for the yard or stickers for windows that will alert potential burglars that the home has an active security system. Many won’t take the risk and will leave the property alone.
Notifies the Authorities If An Alert is Triggered
Home security systems that are monitored by a third-party monitoring center will notify the authorities if an alert is triggered. This is true for both break-ins and fire or smoke alarms. Although some systems notify the owner first, some will automatically send an alert to local emergency response teams.
Discounts on Insurance Premiums
Many insurance companies realize the benefits of having a home security system and will offer discounted premiums to homeowners and renters who purchase and maintain a system. The additional security can save lives if the family is at home and a fire breaks out, or someone tries to break into the home. This dramatically reduces the risk of loss in terms of both life and property.
If you live in the San Antonio, TX area and are interested in learning the benefits of having a home security system installed in your home, call the agents at Versatile Insurance Planners today. We will schedule an appointment with you to go over your existing policy and find out if having a home security system will help to save you money.
Home insurance is something that we all have to have on our homes if we have a mortgage or other types of loans out against the value of the home. This means that home insurance also comes in a wide range of sizes and a wide range of policy types that fit each home. For those that live in the San Antonio, TX area, the agents with Versatile Insurance Planners can help you find your perfect home insurance policy.
There are virtually thousands of different types of home insurance policies to choose from. This means that there are also thousands of different coverage types and different levels of coverage. There is no such thing as a liability only policy when it comes to home insurance. There is, however, a base amount of insurance that a home must be insured for. This base number is factored based on the amount of the loan that you have out on the house. This means if you have a $200,000 loan on the home, you have to have at least $200,000 home insurance.
Though you only have to have the home covered for the amount of your loan, it is always best to have your home covered for the value of the house rather than just the amount of the loan. If your home is destroyed and you only have it insured for the amount of the loan, you are going to have no money to buy another home or rebuild. It is always best to make sure you have your home assessed and covered for its full value and for the value of the contents of the house as well to make sure you can both rebuild or buy another home, as well as purchase the contents of your home again.
For those that live in the San Antonio, TX area, the agents with Versatile Insurance Planners can help.
As a diligent San Antonio, TX, homeowner, you’ve always had a great insurance plan. Even so, there comes a time when you might need to cancel a policy. Versatile Insurance Planners has made a guide for dealing with the most common reasons to cancel a policy.
You Need a New Deal
Even if you aren’t changing homes, there are compelling reasons to cancel a policy. If your current arrangement is too expensive, lacks coverage you want or you simply haven’t had a good relationship with the company, it makes sense to shop around. If and when you find yourself in this situation, be sure that you have the new policy ready to go before you cancel the old one. It’s better to have an overlap between the plans than a gap in coverage.
Updating or making changes to your mortgage does not automatically necessitate a change to your insurance policy. But, there are situations where it could be an issue. The terms of the new loan might require specific coverage that you are currently lacking. When this happens, you can usually contact your provider and have the necessary changes made without much hassle. If, however, you do need to cancel an old policy, follow the golden rule and don’t let the old plan end until the new one is confirmed to begin. Many people run into trouble when final dates get changed at the last second.
This is the most common reason to cancel a policy. If you’re changing homes, you probably won’t be able to transfer the old plan to the new place. This is because homes tend to vary wildly in value and coverage needs. That said, you don’t always want to cancel the old plan as soon as the new one starts. What is more important here is to wait until you no longer have an ownership stake in the old home. For many people, this means insuring an empty house while you wait for it to sell. If that is the case, talk to your insurance agent. They may offer unique coverage options that are better suited for an empty home.
If you have any doubts about the best way to proceed, contact your Versatile Insurance Planners agent. They can help guide you through coverage for your San Antonio, TX, home or even your future home to be.