How To Update your California Home Insurance Policy – Step by Step
To Begin: Things you’ll need:
- Current homeowner’s insurance policy
- Receipts or appraisals for high-value items
- Camera
FIRST
Read your California home insurance policy. Learn the amount and types of coverage you have. Evaluate if you need to update your policy to reflect changes in your lifestyle. Contact your insurance agent to explore the matter in more detail.
SECOND
Contact your insurance agent when you acquire new jewelry, antiques, art or other costly personal property. Keep the receipts or appraisals for your new items and submit copies to the insurance company, if requested. Assess if you have adequate insurance to compensate you if these items are lost, destroyed or stolen. Purchase an insurance endorsement or personal possessions floater for your home policy if you do not have adequate coverage.
THIRD
Evaluate the replacement cost of your home. Calculate an approximate cost for rebuilding what you already own. Include the cost of any improvements you make to the property. Update the property provisions of your insurance policy if you make significant home improvements or if the cost of replacement has dramatically increased since you purchased your policy.
FOURTH
If you experience significant changes in finances, assess the liability coverage provisions of your California home insurance policy. Reduce your coverage if you have experienced financial setbacks. Increase your coverage if you have accumulated significant assets. Evaluate the amount of liability insurance needed to protect your family from risk. Balance the cost of liability coverage against the risk to your assets. Ask about a California umbrella policy if you determine you need additional liability coverage.
FIFTH
Review your homeowner’s policy on a regular basis to ensure your coverage is adequate for your lifestyle. Contact your insurance agent to update your policy or purchase additional coverage if necessary.
Written by: Gary Remland
