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A few months back I wrote about having a proper home valuation for insurance purposes.  If you missed it, you can read Appraisal Value is not the same as Replacement Value now.  As we start 2012, I want to reiterate the importance of insuring your home and personal belongings at the appropriate amount.

According to Marshall & Swift/Boeckh more than 60% of U.S. homes are undervalued by an average of 25%.  Chances are, your home is underinsured right now and if a disaster strikes you may not be fully covered.  If you haven’t had your home insurance policy reviewed in 2 years or more then the likelihood of your home being underinsured is even greater. 

If you’ve been with the same agent or agency for years and he/she handles most of your insurance then your agent could potentially be liable for failing to ensure that adequate insurance is obtained on your home if you have an underinsured loss.  It's your agents responsibility and duty to review your home's valuation periodically and make recommendations as the information dictates. 

The takeaway for you, as the homeowner, is to schedule a review of your policy with your agent right away.  Don’t forget to discuss the replacement value of your personal possessions too.  The stuff you own is likely to be underinsured as well.  I recommend DocuHome to inventory and itemize your personal property.  You can get an online, 2-year subscription, through my agency, for $69.  Click on the logo below to take advantage of our special pricing. 

If you don’t have an agent or are concerned that your agent or company doesn’t have your best interest in mind then call me.  I’ve been helping Arizona families insure their homes for more than 20 years now and I will make sure you are properly covered.  I can be reached at (480) 336-2707 or visit my website at www.southwestpremierinsuranceagency.com and request a quote.

Author: Richard Morris

Richard Morris, an independent insurance agent in Chandler, Arizona, has been serving and helping Arizona families with all their insurance needs for over 23 years. Visit his website at http://www.southwestpremierinsuranceagency.com to see all the ways he can help you with your insurance needs or call the office at (480) 336-2707 or toll free at (888) 907-9349. Connect with Rich on Google+ and Twitter.
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