Review Your Property and Casualty Insurance

Review Your Property and Casualty Insurance

Hey, it’s Karl with the Big 65 and I hope you are having a great week.

Plato and I are in Boulder, Colorado, and at the end of May, we’ve had about 12 inches of snow.

Today, I want to talk about reviewing your homeowner’s property and casualty and rental insurance.

Costs for almost every consumer index have gone up huge amounts, and if you have an unfortunate event with your home, or something gets stolen, you’ll want to make sure that the cost of replacing that is up to date based on current inflation.

Homeowners insurance policy include many different coverage types. Some of those common coverage types include:

Dwelling coverage: Covers damage to your house and any attached structures.

Other Structures:  Covers damage to any structures not attached to the house.

Personal Liability: Covers financial losses from property damage and personal injuries to others, if found legally responsible.

Personal Property: Pays the value of damaged or lost possessions (furniture, electronics, clothing, etc.).

Flood Insurance: Separate policy that pays for flood-related damages to the house and contents.

Medical Payments: Pays medical bills for people hurt on the homeowner’s property or by the homeowner’s pets.

Earthquake Insurance: An add-on or separate policy that pays for damages to the house and other covered items caused by an earthquake.

Water Backup of Sewer: Pays for losses to the house from sewer or drain backup.

Now may be a good time to review your property and casualty insurance. Talk to your independent property and casualty insurance broker. Update your information and see if it makes sense to increase coverage and reduce rates.

That’s it for now. Have a great week and book a time on my calendar if you have Medicare insurance questions.

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